Seattle Real Estate Market Report – Inventory Tight in October
Greater Seattle Real Estate Market
Northwest MLS includes 23 counties in Washington State. Despite 24% increase in new listings this October, October pending sales outpaced the new listings yet again. In addition closed sales are up 30% in October. Thus active listings has dropped 40% compared to last October. The result is prices continue to increase.
Median price for single family home has jumped 20% since last year, with median price of $515,000. Not only are median home prices up 20%, luxury homes are seeing record sales as well. There were 1,004 sales priced over $1 million in King, Kitsap, and Snohomish this October which crushed the previous record of 553 luxury sales.
While the home market is blistering, the condo market has slightly less pressure on buyers. Unlike single family homes, condo inventory is up. However, Seattle condo inventory is only up by 5.4% from last October. Condo supply is 1.5 months which is historically pretty low. A balanced market is considered to be 3 to 6 months.
Even with a bump in condo inventory, condo prices are up more than 14% from last year. In King County, which is about 60.
Find a Home in Seattle
In October, 1,022 Seattle homes sold for a median sales price of $799,000. It is not unusual for Seattle home to be have multiple offers. Seattle homes are listed for a median list price of $782,475. Of the 1,022 Seattle homes that sold, 993 were listed on the market. Real estate is selling very quickly. 825 of the Seattle home, 80%+, sold within 30 days.
Seattle Luxury Homes
Seattle luxury homes are those that sell for over $2 million. In October, there were 37 luxury homes that closed. 3 sales were off-market sales and 26 sold within 30 days on the active Seattle real estate market. In October 2019, there were only 22 luxury real estate sales. 2 were off-market and only 41% sold within the first 30 days.
Seattle Waterfront Homes
Eleven Seattle Waterfront Homes sold in October. Of those, 6 were Seattle floating homes. These Seattle houseboats sold for a median sales price of $827,500. The remaining 5 homes sold for a median sales price of $2.55 million. The highest sale price of Seattle waterfront homes was a home on Webster Point in Laurelhurst. The home sold for $6.888 million. In October 2019, there were 11 Seattle waterfront sales. Once again the highest price was in Laurelhurst. The sales price was $6.85 million.
Find a Condo in Seattle
In October 2020, there were 233 Seattle condos sold for an average sales price of $611,507. The average sales price was $590/ sq ft. In October 2019, there were 189 Seattle condos that closed for an average sales price of $552,957. The average price per square foot just over $590.
Seattle Luxury Condos
In October 2020, 11 Seattle Luxury condos, priced over $1 million, sold. The most expensive was a 5,281 sq ft condo at the Four Seasons. The luxury condo for $9.5 million. Another condo sold also in the Four Seasons sold for $9.2 million.
In October 2019,15 Seattle Luxury Condos, priced over $1 million, sold. The most expensive condo was a 2,842 sq ft penthouse unit in Cristalla in Belltown. The sales price was $3.8 million
Is Seattle Real Estate Slowing Down?
Looking at October numbers, it shows the Seattle real estate market continues to be very strong, but Seattle real estate market can change. To get up-to-date information, contact one of Ewing and Clark’s Seattle real estate agent. Ewing and Clark and its real estate brokers have been providing exceptional real estate service to Greater Seattle since 1900.