Inflation and rising rates in the last half of 2022 cooled the market. That same trend carried into 2023, and while the number of homes for sale in Seattle has crept up, the median home price dipped moderately. Realogics Sotheby's International Realty presents the Q1 Seattle Report to help inform the next steps on your selling or buying journey.
Despite a decline in Seattle's median sales price, the city's real estate market is showing signs of recovery as more people return to their downtown offices and businesses start to bounce back. The median sales price has dropped only 9% year over year at $864,000, which is a relatively small dip from Q1-2022. The average days on the market have increased to 39, indicating that buyers are taking their time to find the perfect residence. This has led to months of inventory creeping up from 0.4 months to 1.7 months year over year, but the market still remains a seller's market.
While buyers still have to contend with higher mortgage rates than the exceptionally low rates of 2020, the number of Seattle homes listed for sale has increased by 173.2% year over year. As rates drop and more homes become available, buyers will have more freedom to find their ideal property.
It is clear that Seattle's real estate market is gradually recovering from the impact of the pandemic. Although there has been a slight decline in sales prices, it is not a significant enough drop to cause concern. With more people returning to work and businesses bouncing back, it is expected that the real estate market will continue to improve in the coming months. For buyers, this means that there will be more options available as the market shifts towards a more balanced state.
Reach out to me to request your copy of the report today>>