There's still no relief for buyers in the Seattle housing market, with listing inventory at dismal levels and pending sales hitting new records. The April data will be out next week and we're expecting another big jump in the number of homes going under contract.

A few noteworthy pieces of data from the most recent MLS stats:

Pending sales in March were up 64% (!) from the same month last year (you remember March 2020, right?), with over 1,000 single-family homes going under contract. This is a new high-water mark.
The median home price in Seattle hit $818K (yep, a new high-water mark)
Year-over-year, the number of homes for sale is way down (~30%), but should finally show signs up upward movement in the April data. It still won't be enough to cool the market.

Some have suggested that 2021 may suffer the same fate of the 2nd half of 2018, when markets cooled and sales slowed. If that's true, the next month or two will be telling.

On the front lines, we're seeing tough bidding wars on turnkey homes (15+ offers). Early offers continue to be commonplace. This West Seattle bungalow had multiple offers prior to the review date and is under contract for over $900K (it's a 2-bedroom!). This home in Woodridge (Bellevue) listed for $1.3M received an early offer and is rumored to be under contract for $1.7M.

Buyers should be cautious not to lose their minds in all the madness and focus on the things they care most about. For many, those critical elements are: location, floor plan, condition. You're unlikely to regret buying the right house for your needs, even if you overpay. But buying the wrong house because you were afraid of missing the market will come back to bite you.

Sellers, don't get greedy. It's easy to get dollar signs in your eyes when your neighbors home gets 20 offers, but some of the current sales are outliers and should be treated as such when you price your home. You still need to take the necessary steps to prepare your home for the market if you want to get the best outcome.

Let us know how we can help you or your friends. We'll help you navigate this crazy market with a practical, level-headed approach to buying or selling. :)

Best,
Chad