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Seattle single-family March market report: median price sets new high at $960,000

By April 19, 2022

Market Report

The numbers for what the Seattle single-family and townhome real estate market did in March are out.
The big news is that the median price set another new high at $960,000. The previous high was $900,000 set just last month. I suspect we’ll be hitting $1m+ once the April numbers are out (even in the facing of rising interest rates) but I bet that the median price will start to decline this summer like it typically does in the back half of the year.

On to the numbers…

The median price per square foot has also been on a tear.

Buyers put 888 homes under contract in March, less than last March’s 1,029 but more than a typical March. I’m sure buyers would have put more homes under contract if there were more homes to buy…

We saw 971 new listings in March, less than March 2021 (1,118) but a little more than a typical March.

Those new homes didn’t last long, the median days on market was again 5 days, an all-time low.

At the end of March there were 325 homes for sale. Up a bit from February but a record low for the number of homes for sale at the end any March.

Months of supply is a measure of how long it’d take to sell all the homes for sale. It is again up a little from its all-time low to just under half a month. So some relief for buyers, but not much!

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