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Seattle Market Update – April by the Numbers

Posted by admin on May 10, 2021
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An influx of new listings in Seattle was matched by an even greater increase in sales. With supplies depleted, and homes being snapped up within days, Seattle saw home prices set another new record. Condos are a bright spot for buyers, with more inventory and much lower prices (continue reading below).

Despite the influx of new listings, inventory in the region remains one of the tightest in the country. Demand is so outstripping supply that 84% of the homes that sold last month in Seattle sold within two weeks.

Home prices hit record highs in April, with nearly every area seeing double-digit price increases. Seattle’s median home price hit $875,000. The Seattle market remains strong, however price appreciation here has slowed relative to other areas of King County and inventory has crept up. Condos present one bright spot for buyers. Price growth has been slower and inventory has been higher than for single-family homes.

Needless to say, this is a challenging market for buyers. With multiple offers and escalation clauses the norm, it’s critical to work with your broker on a plan to consider all possible scenarios when looking to buy a home.  If you’re thinking about selling, it’s an ideal time to get a maximum return on your property before the prospect of rising interest rates starts to moderate the market.

Click here to read the rest of the article and see additional statistical charts that provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.