Seattle Housing Market Update for May 2020
Seattle’s real estate market update is gathered using info from NWMLS’ InfoSparks in City of Seattle using data for residential and condominiums sold only.
In May, the Seattle median home price went down sharply, dropping almost $40K, from April’s high of $730,000 down to $692,000. This was most likely due to strong buyer demand and extreme lack of inventory. Only 1,316 new homes listed in May. Compared to last May 2019 when 1,801 new homes listed, that is a near 27% decrease in new listings at a time when the Spring housing market is usually in full swing.
Homes are still, on average, selling slightly above list price. Price per square foot remained steady at $492. Closed sales were also only slightly up, at 685 sold homes. The months supply for May was 1.7 months, which was up .2 points from April’s supply of 1.5 and yet, still lower than 2019 where most of the year hovered over 2 months of supply. Total dollar volume of sold homes was at 549.8 million, which was similar to April 2020 but sharply down from last year, which was at $876.5.
The Coronavirus pandemic restrictions continue to impact the housing market. Public open houses are still not allowed in King County, as of June 4, 2020. King county is applying for a modified Phase 1 re-opening, which will start to allow outdoor recreation, indoor fitness and one-on-one activities, hairstylists and barber shops to open back up and restaurants to allow indoor seating at 25% of capacity. The main lag on the housing market has been a lack of new construction, which has been on hold for new projects since late March. The modified Phase 1 re-opening will allow new projects to get construction underway, so that should offer some relief in the coming months.
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