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Key Market Indicators – October Recap 2020
Seattle Housing Update - Resale Only
Seattle’s real estate market continues to hold strong, even as temperatures fall. The $500,000 to $1 million price range, which is the core market in Seattle, is nearly at frenzy-level sales activity intensity. There is a severe shortage of unsold inventory in this range, which comprises 60 percent of sales activity locally.
In Seattle’s luxury market, there was a significant increase in luxury homes in the $1 to 2 million range that went under contract in Oct. 2020, compared to Oct. 2019. Buyer activity is selective for homes priced above $2 million.
Real Estate Market Intensity Holds Strong
Average % of
New Listings (Pending)
in the First 30 Days
Unbelievable Interest Rates
Source: Mortgage News Daily
57%
Current
3.00%
30%
Normal
When pondering the question “when is the best time of the year to sell my home?” the answer is actually quite simple. The best time to sell your home is whenever it’s right for your individual circumstances! Many areas are nearly virtually sold out, raising the sales activity intensity to extreme frenzy for each new listing. As we progress through fall and winter, unsold inventory levels will drop even further.
These conditions, along with strong buyer demand due to historically low interest rates, have created a multiple-offer, quick-response market as buyers quickly snap up homes once they go on the market. If selling makes sense for you, connect with your trusted broker associate to explore further.
WHAT IS THE BEST TIME TO SELL YOUR HOME?
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