Seattle Housing Update - Resale Only
Fewer listings - Higher Intensity
We have returned to multiple offers and the start of premium pricing. The Sales Activity Intensity™ of new listings going under contract within the first 30 days is at Extreme Frenzy level on homes priced up to $2 million, representing 95% of the sales activity. We’re seeing Very Strong Sales Activity Intensity™ with homes priced $2 million to $2.5 million, strong activity from $2.5 million to $4 million, and selective buyer activity above $4 million.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
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The supply of housing remains limited due to a persistent shortage of available homes, as fewer homeowners are putting their homes on the market after locking in low home mortgage interest rates during the pandemic. Those most likely to move in today’s market fall into two large groups: 1. When a life event takes place (job or family), or 2. Those with large home equity (retirees, seniors, and those in their home for 4+ years).
Current housing market
KEY MARKET INDICATORS may 2023 (april Recap)
Source: NWMLS. Data is for Resale only.© 2023 John L. Scott Real Estate
