Seattle real estate news for July

The Coronavirus arrived in Seattle just as the spring real estate frenzy would normally have begun. A few (long!) months later, the real estate market is on its way to recovery. The Coronavirus has shifted the usual spring selling season into summer. We normally start to see activity taper in July, but it appears to be building (or peaking) as we head into August.

Prices are jumping in most areas around Seattle and the King County region as a result of low inventory and low mortgage interest rates. The number of homes for sale in June was nearly 30% less than the same period last year. Bidding wars have become the norm...again.

We recently encountered bidding wars on our Wedgwood and Whittier Heights listings, while our three recent West Seattle listings received just one offer each (more below). While West Seattle values are holding steady despite the bridge closure, other parts of the city are experiencing significantly more demand from home buyers.

Overall, the number of homes for sale is down dramatically compared to last year: if you look at single-family homes only (not condos), inventory was down 38% YoY for the month of June. But pending sales hit their highest level since 2017. Pending sales are the best indicator of buyer demand, which remains high despite a pandemic with no end in sight.

Given the competitive market we're seeing, I expect to see prices rise further when July and August sales data is released.

New listings recovered quickly in April and May, but remain well below 2019 levels.

People are re-thinking their homes right now. We're investing resources into making our homes a place to not only live but also to work and to play. The pandemic has also made people reevaluate where they live. Companies that allow employees to work remotely could change the desirability of cities altogether.

How has the pandemic affected you?