Check out this quick video for key metrics on the King County market for August 2020 from Dan Givens.
Low inventory for single family residences and high inventory for Seattle condos.
The Seattle market continued to be robust in August with 58% of listings sold at or above the listing price. This continued the pace from July 2020 and was well above the 35% level in August of 2019. The month’s supply of inventory for sale remains at a fairly tight 1.5. Seattle is predominantly in a seller’s market condition which requires a skillful offering approach for buyers.
I’m excited to list this wonderful property which truly embodies “Home Sweet Home”!
This 2 bedroom,-1 bathroom, updated 1903 Craftsman is in the desirable Madrona neighborhood of Seattle and is surrounded by million+ dollar homes. Timeless charm, leaded stained glass, open foyer with a wood carved staircase and circular floor plan between the living and dining rooms. The kitchen includes a breakfast countertop for enjoying a meal. French doors open to a large deck off the dining room. The main floor is updated and there are architectural plans available to transform the basement and add a carport. Fully-fenced.
I so enjoyed working with my wonderful clients to prepare it for the market.
From Search to Signature®
Clearly this is a seller’s market with only 0.9 months of inventory available. Check out this short video which provides some high level stats. Happy to discuss market conditions facing both buyers and sellers. – Colleen
One measure of strength in the Seattle residential real estate market is the percentage of houses which sold above their listing price. For June 2020, 38% sold above with a 5% median increase from list price. This compares to 34% in May and 33% in June 2019. Of course, 20% sold at list price and 20% sold below list price but these were down from 24% and 23%, respectively from May. And, houses that sold below list price only had a median 2% drop from list price. This reflects a strong market with low supply and robust demand. So, this is great for sellers and requires a skillful process for buyers. See data below from Windermere Real Estate:
Note that 6 days on market for properties sold above list is fast. The ones that sold for below list is 20 days which, in a more long-term, normal market, would be expected for those that sold at list price.
3 bedroom 3 bath Fremont town house on tree-lined street with great amenities!
Colleen McCann 206-510-6596
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Hot days of summer is a great time to get away from the city and travel to one of Washington State's best ten campgrounds.