Updated Monday 4/6/2020
With added curiosity around the homebuying market (Google searches for “should I buy a house” are the highest ever!), we’re now sharing weekly data for Seattle and the Eastside (Bellevue, Kirkland, and Redmond) in addition to tracking monthly market trends.
The metrics we’re tracking are our favorites to understand the temperature of the current market … median list price, median days on market (speed to accepting an offer), and percent of homes that accepted an offer within 7 days (note that this data needs to wait until the 7 days are complete, so reporting ends the week prior to the current week). Data source: NWMLS.
Week of 3/30, updated 4/6
While homes are still selling, we’re seeing the impact of social distancing as sales slow down, with median days on market just about doubling (rising from 5 to 10 in Seattle and 5 to 9 on the Eastside) and the percentage of homes accepting an offer in 7 days or less dropping (from 39% to 33% in Seattle and from 34% to 31% on the Eastside).
Two weeks ago, we saw a significant 11% jump in Seattle’s median list price. This week, it dropped by 6%, which is still up 4% from two weeks ago. This change happened because sellers overpriced two weeks ago and last week priced more fairly, while continuing to move away from a bidding war pricing strategy. On the Eastside, competition has remained strong and higher list prices have been sustained.
Week of 3/23, updated 3/30
The short story: The most telling data point this week is the percentage of homes that accepted an offer in 7 days or fewer, which fell for both Seattle and the Eastside, indicating less competition. List price rose in both areas, likely because sellers didn’t use the strategy of under-pricing to encourage bidding wars. Median days on market dropped slightly in Seattle, also likely due to the lack of bidding wars; rather than waiting for offer review dates (which have largely disappeared), people offered quickly on some homes.
Week of 3/16, updated 3/22
The short story: Activity is still high, with median list price increasing 2% in Seattle and 5.5% on the Eastside. Median days on market held steady. The biggest change is fewer homes accepting offers within 7 days: dropping from 55% to 41% in Seattle and from 65% to 45% on the Eastside.
Week of 3/9, updated 3/16
The shorty story: We’re seeing lots of activity. List prices and days on market are holding steady, and homes are selling quickly. During the week of 3/9, median days on market (time from listing to accepting an offer) was 6 in Seattle and 5 on the Eastside.
Questions? Let’s talk!