31 Jul Greater Seattle Area Real Estate Market Update – July 2020
Greater Seattle Area Real Estate Market Update – July 2020
Welcome to the Greater Seattle Area Real Estate Market Update for July 2020. It’s the middle of summer and we are far from normal. However, in our Seattle real estate market, more homes are being listed and demand is high with plenty of buyers taking advantage of the low interest rates.
For Sellers: Inventory is compressed. There are many buyers still looking for real estate. Summer is our spring this year. If you are looking to sell, now is a great time to set the right price for your home to attract multiple offers to get the most money for your asset.
For Buyers: In the Seattle area, homes under 1.2-1.3 million are a hot topic. You will want to get prepared with a competitive offer and choose an agent that builds good report to get your offer won.
For Multi-family Investors: On properties under $500,000 for the first time house hack investor can be found within an hour outside of Seattle. Those prices are rising fast, though. Just two years ago, a duplex in Kitsap county went on market between $300,000-$400,000. Now, the prices are close to $500,000 or more depending on the area. As a real estate specialist in the Bremerton, Port Orchard, and Gig Harbor, there are still more affordable options for the first time investor to get into.
In Seattle and surrounding neighborhoods, on and off I have seen duplex’s or value add properties under 1 million. Off market properties are going fast with the right offer. If you want to find a second small multi-family investment opportunity or first time investment, let’s set up a time to discuss your budget, timeline, and area needs to find the right investment on or off market.
Three Take-Aways
1. Market-Single family homes or small multi-family under 1.3 million are most popular with competitive bidding wars going above 20% of asking price in some cases.
2. July Average home price (Year to date-2020)-Median Sales Price (NWMLS)
- King County $620,000-6 average days on market
- Pierce County $375,000-6 average days on market
- Kitsap County $377,000-Kitsap-6 average days on market
- Snohomish County $590,000-7 average days on market
- Clallum County $285,000-31 average days on market
- Jefferson County $ 325,000-22 average days on market
3. The graph below represents how many showings are happening per new listings. An average of 7 people per listing shows buyer interest levels with exponential growth since the beginning of the year.
Here are the top ways I can help you with your real estate goals:
- Research / locate your new home
- Relocate
- House hacking
- Home buying / selling
- Downsizing
- Investing in the Seattle area
Let’s chat. Contact Holly Bradley at 206-718-7015 or email me at holly@northernescapehomes.com to set up a consult to discuss your real estate goals and needs.