Seattle single-family May market report: median price sets another record high of $890k
The numbers for what the Seattle single-family and townhome real estate market did in May are out.
No surprise here, the median price for a single-family home in Seattle has set another record at $890,000, beating the previous high of $860,000 set last month. We’ve now had three record-breaking months in a row. As I’ve said a few times before, 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 since buyers will be traveling. Anecdotally, it feels like we’re seeing an increasing number of homes going past their offer deadlines and price reductions. So buyers, be patient! Sellers get your place on the market this week or next.
Meanwhile, dollars per square foot is also setting a new high of $534 a square foot.
Not surprisingly, homes are moving fast. *Median* days on market is just 6 days.
The second most remarkable chart of the month after median price is this one which shows the number of homes that went under contract in May. It was a lot! A lot of buyers will be moving into new places in June.
It is unusual to see new listings dip in May. My reasoning would be that many agents were advising their clients to list sooner rather than later this year. I expect that new listings will decline again in June.
The number of homes for sale at the end of the month of May also dipped relative to the end of April. Though some of that could be attributed to April ending on Friday when there are lots of listings and May ending on Memorial Day when we wouldn’t expect many homes to be for sale.
Months of supply is the measure of how long it would take to sell all the homes on the market if no new homes hit the market. As you can see, it wouldn’t take long! A balanced market is generally considered to be three months of supply.