Seattle Real Estate Market Update 6/20
May’s data provides another opportunity to gauge the extent of the impact that COVID-19 is having on the Seattle real estate market. The data is echoing last months sentiment that the market is performing better than is expected – but that inventory levels are still very low as sellers aren’t going to market.
This is shown well in the chart above as we currently have 816 active listing in the metro Seattle market compared to 1,386 in May 2019. This 41% drop year over year is fueling severe competition among buyers resulting in sold listings only being down 12% YoY. If the market sees an influx of listings, it is very likely that the number of sales in June is higher than it was in 2019.
Buyer competition is highlighted by the fact that 34% of homes sold above list price. Furthermore, 69% of all listings sold within 15 days on market.
Months of inventory show the lack of new listings coming to market reducing the inventory count. Nearly all MLS areas are showing less inventory than last year.
The main take away from the Seattle real estate market update 6/20 is that buyers remain very active in the market while sellers are not listing their homes at the same rate as last year resulting in increased buyer competition. Sales are increasing on a weekly basis.
If you have any questions about the current market, how to be a competitive buyer or if it is the right time to maybe sell your home, please reach out and I would be happy to answer your questions.