The number of people who can work remotely may be changing the way we view our homes, but one trend has not changed. The local housing market in October remained unseasonably hot. And that doesn’t show signs of changing any time soon.
October saw continued low inventory and record-level sales, with the number of sales exceeding that of 2019 year-to-date.
While new listings are on the rise, they are being snapped up quickly and many homes are selling in a matter of days. A four-month supply of homes for sale is considered a balanced market, but Seattle currently has just over one month of supply.
With supply unable to keep up with demand, home prices are escalating. The median single-family home price in Seattle rose 3% over a year ago to $800,000. 37% of homes that closed in Seattle in October sold for over the asking price.
The real estate market here is uncommonly resilient. Growing employment in major tech industries and an enviable quality of life have made our region one of the fastest growing areas in the country. With interest rates remaining at record lows, we may well skip the traditional slowing in the winter market altogether.