Seattle Real Estate Market Stats
Updated December 2022
The numbers for what the Seattle single-family and townhome real estate market did in November are out. The headline is that we’re surprised to see that the median price dropped $21,500 to $889,000 rewinding us to February pricing! The median price is now down nearly 11% off the all-time high that we set this spring, but is up 7.8% year-over-year.
Seattle Median Sales Price
(Single-Family Homes & Townhouses)
What’s the median sales price of a single-family home in Seattle?
As noted above, the median sales price of a single-family home dropped $21,500 to $889,000 rewinding us to February pricing. The median price is now down nearly 11% off the all-time high that we set this spring, but is up 7.8% year-over-year. I expect that when the numbers from December and January 2023 come out that we’ll see more month-over-month decreases.
Seattle Median Sales Price Per Square Foot
(SFH & Townhouses)
Seattle New Listings
How many new listings did we see in Seattle in November?
We saw 495 new listings in November, down from October’s 719. Last November we saw 523 new listings. It isn’t surprising to see new listings slow as fall settles in. September is usually the last busy month for new listings for the year with the rest of the year much slower and we’ve certainly had slower Novembers.
Seattle Pending Sales
How many homes went under contract or pending in Seattle in November?
413 homes went pending in Seattle in November down from 509 in October. In November 2021 714 homes went pending, so this is a big year-over-year decline, but 2020 and 2021 were unusual years. That said, looking further back, this is the slowest November we’ve had in ten years.
Number of Seattle Homes For Sale
How many homes were for sale in Seattle at the end of November?
There were 919 homes for sale on the last day of November, down from 1,142 for sale at the end of October. At the end of November 2021 there were 357 homes for sale, so inventory is nearly triple year-over-year. But if you compare to a pre-covid year, say 2019, there were 906 homes for sale at the end of October 2019.
Seattle Median Days on Market
The median days on market in Seattle was 14 for November. A big jump up from October. Expect this number to climb the next couple of months.
Seattle Median Percent of Last List Price
The median percent of last list price was 99%. Expect this number to continue to drop the next couple of months.
Seattle Closed Sales
How many homes closed in Seattle in November?
447 homes closed in Seattle in November, down from 516 in October. Last year, 827 homes closed in October. This looks like the slowest November for closed sales in the last ten years.
Seattle Months of Supply of Inventory (Pending)
Months of supply, a measure of how long it’d take to sell all the homes for sale if no new homes hit the market was was down to 1.5 from 1.8 in October. A balanced market is considered to be 3 months, so we’re still far from a balanced market.