January 2020 Real Estate Report for Seattle Neighborhoods
Last year consistently showed the national average of home pricing to out-pace Seattle, but new information indicates that the Seattle market is catching up and may even be headed for another white-hot season ‘a la 2017. Thus far, 2020 is off to a rip-roaring start in the world of residential real estate sales, and things continue to look up.
The S&P CoreLogic Case-Shiller Home Price Index (which lags by about 2 months) showed the national average of home prices to have risen 3.5% year-over-year as of November, with Seattle’s percentages sitting just below that at 3.3%. Not too shabby, and that also means that while we may not be leading the pack again quite yet, we are far from the bottom of the barrel. This also marks the first time in over a year that the Seattle market is almost caught up to the National average.
The market may not yet be quite as frenzied as we saw in 2017, but many brokers and experts are expecting the spring to trend in that direction, and 2020 already appears to be a hotter market than 2019 was.
January 2019 saw only 7 residential single-family homes sell and only 1 condominium sale, compared to January 2020, which has kicked off the year with 24 residential single-family homes selling and 4 condominiums having sold as well. It should also be noted that many of these listings sold for or above their asking price.
Recent data is also showing that nation-wide, the inventory of homes is dwindling, but as mentioned previously, prices continue to steadily rise. If these two trends continue in Seattle, that 2017 heat may well be back to warm us up in the coming months.
Presently, there are 550 active listings and 481 pending listings in the greater Seattle area.
When you’re ready to list your home for sale or begin searching for your next dream home, professional expertise is key. Ewing and Clark’s knowledgeable and experienced brokers and leasing agents are just the partners you need to navigate Seattle’s busy real estate market. Contact us to get started!