Single-family November market report: cooling off for winter, but still hot
The numbers for what the Seattle single-family home real estate market did in November are out. Not surprisingly covid effects are still being felt; November had 832 closings, down from the all-time peak of 1000 in October, but 832 closings is more than any month in 2018 and 2019!
Demand for single-family homes is clearly still strong, though cooling as the market typically does November to January.
Looking to 2021 we predict that demand for single-family homes will remain strong. Fortunately we’ll likely to continue to see strong supply as some sellers re-think their plans and move out of the area.
The median sales price was flat for the third month in a row at $799,000. While median price per square foot was $455.
Not surprisingly new listings decline a lot as is typical this time of year. The days are short, the weather is bad, people are thinking about the holidays. Not an ideal time to sell. But a 647 new listings in November, that is a lot more than the 458 we saw last November.
Remarkably though the number of homes for sale in November was 910, about the same as last years 905.
This was likely due to more homes going under contract than we typically see this time of the year.