Welcome to the May 2024 Seattle Real Estate Market Update! In this monthly report, we dive deep into the latest trends and insights shaping the housing market in the Emerald City.
It is spring Seattle and I’m here to give you another real estate updates. If you’ve been feeling like it’s a good time or a bad time to sell, there’s mixed messaging out there. We have high interest rates, we have multiple offers going on . So what’s the real story? We got to go back to the data to figure this out.
MLS Highlights for May 2024
The best way to stay updated and understand the market’s dynamics and your negotiating position is to show you the report from Multiple Listing Service – a database used by real estate agents and brokers to share information about properties for sale or rent.
In the video, you’d see the graph that depicts the average home prices in King County and Snohomish County, as well as in the cities of Seattle and Bellevue. Bellevue consistently ranks as the most expensive place to live in the entire state, with an average home price of $1.5 million, encompassing both houses and condominiums. Meanwhile, Seattle shows a more reasonable average price of $858,000, marking an 8.5% increase compared to the same time last year.
Despite brief downturns in the market when interest rates rose about a year or so ago, we are now nearing all-time highs again. Many parts of the market are experiencing multiple offers, as was the case with a property I recently sold, fetching $180,000 over the asking price. However, some properties are sitting on the market, such as a condominium my client is purchasing, which remained unsold for a couple of weeks. Success in selling or buying depends on proper presentation, pricing, and marketing, aspects that we, as a real estate firm, specialize in to ensure our clients get the most value with minimal hassle.
Recently, there has been a slight decrease in the number of multiple offer situations and escalation levels for prices. Some attribute this to a slight increase in interest rates last week. However, as a buyer, it’s important not to be discouraged. Stay engaged in the market, keep track of pending sales, and communicate with your agent regularly to understand market trends and pricing. Even if an offer isn’t initially accepted, it’s worth pursuing opportunities that align with your needs, as you may find yourself securing a favorable deal.
Returning to the data, let’s consider the current inventory of homes for sale. As anticipated during the spring season, the number of homes on the market is increasing, along with a rise in closings. Spring is traditionally a busy time in the real estate market, with heightened activity as more buyers and sellers enter the marketplace.
Examining the average days on market, we find that homes typically spend around three weeks available for sale. However, looking at the median, homes are selling in about one week or less. This indicates that approximately half of the homes are selling within a week, while a significant portion takes longer to sell, which affects the overall averages.
Remaining informed about this data is crucial for understanding market dynamics. While we provide monthly updates in alignment with MLS frequency, as an active broker, I continually gather data to provide my clients with comprehensive insights. This enables us to make informed decisions about our strategies and how to effectively position homes in the marketplace.
Making Informed Decisions
In conclusion, staying informed about real estate market trends is paramount, whether you’re considering buying, selling, or investing. Understanding the data empowers you to make informed decisions and navigate the market effectively. Whether you’re a first-time homebuyer, a seasoned investor, or a seller looking to maximize returns, having access to in-depth insights is invaluable.
If you’re seeking a deeper understanding of the real estate market in Seattle, I encourage you to reach out to me directly. As a seasoned real estate professional, I’m here to provide personalized guidance and detailed analysis tailored to your specific needs and goals. Feel free to contact me at your convenience, and let’s explore how I can assist you in achieving success in the Seattle real estate market.
