Seattle single-family April market report: median price sets another record high of $860k
The numbers for what the Seattle single-family and townhome real estate market did in April are out.
No surprise here, the median price for a single-family home in Seattle has set another record at $860,000, beating the previous high of $820,000 set last month and surpassing the last peak which was April and May 2018. We may have another month 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. So buyers, be patient! Sellers, get your place on the market ASAP.
Meanwhile, dollars per square foot is also setting a new high.
The last time we saw as many new listings as we did in April was back in 2019. We’ll definitely see that May has more new listings than April. This isn’t surprising, but the surprising thing is that they’re nearly all going pending, just check out the number of homes for sale number at the end of April below…
Though buyers are snapping up homes just a little slower than earlier in the year as 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) has ticked up every so slightly to .8 months from a low of .7 months.