Seattle Real Estate Market Update | May 2020
Many are wondering how the Seattle real estate market is fairing amidst the Coronavirus pandemic. Well, Seattle median sales prices for residential homes in April were the third highest in Seattle's history dating back to April 2018, which was the highest the housing market has ever reached. So amidst COVID-19, we are still seeing high sales prices. At the same time, we are seeing a decline in listings, fewer pending and closed sales, and listings selling fast, which has left us with around one month of supply. Also due to the oversaturation of mortgage applications with the low rates and forbearance being discussed, mortgage companies have had to make adjustments, so the higher-end market has been impacted and is slowing down. In the middle-range market, there's still a lot of activity and multiple offers. We don't know exactly how the economy will transition after this, but I'm hopeful the market will continue moving forward. For sellers, there are still buyers out there and homes are selling fast. For buyers, it is a good time to start discussing your plan while mortgage rates are still on the lower end.
