While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range.
The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. The median home price in Seattle hit $820,000 in September, a 9% jump over last year and almost half the homes sold for over list price in September.
There just aren’t enough homes on the market to meet demand. Seattle had about 65% of the inventory of a year ago. On the other hand, in King County, the number of condos on the market jumped over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose in September and pending sales — the best indicator of current demand — shot up over the same period last year.
The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 30% in Seattle. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot.