Seattle single-family March market report: median price sets record high of $820k
The numbers for what the Seattle single-family and townhome real estate market did in March are out.
No surprise here, the median price for a single-family home in Seattle has set a record at $820,000, beating the previous high of $815,000 set in August 2020 and surpassing the last peak which was April and May 2018. We may have another month or two where the median price sets a new record but the market to me feels a lot like 2018 and I wouldn’t be surprised to see the market correct in the second half of the year as interest rates rise and vaccinations take the pressure off the housing market.
Meanwhile, dollars per square foot is on a tear.
The surprising thing is just how much buyer demand there is as we saw a record number of new listings in March. Whatever is hitting the market, buyers are buying, and they’re paying top dollar.
Not surprisingly, there wasn’t many homes for sale at the end of March.
With so much demand and homes selling so quickly, the months of supply (a measure of how long it would take to sell all the homes on the market if no new homes hit the market) is 0.7 months. So in three weeks, if nothing new hit the market, we’d sell out of homes. Definitely a sellers market.