In November, the state of Washington was placed in a second lockdown until Dec. 14, a move that suspended open houses, although private showings are allowed with no more than five people. What is this second lockdown going to do to the red-hot Seattle housing market? A November study from Lombardo Homes found that it was the most competitive market in the country, with 71% of homes selling in under two weeks and the average time on the market at about 10 days.
That demand is easy to see on the sell side. According to the Northwest MLS, the median price of single-family homes and condos that sold in the 23 counties it tracks was $500,000, up 19% from last year. Members of the MLS added 10,428 new listings to supply in October, up 24% from last year, but pending home sales were only at 11,039.
In King County, where Seattle is located, the median-priced single-family home was $685,000, according to the Northwest MLS. In October, there was less than a month’s worth of inventory in this market.
Yusef Nadir, a RE/MAX broker based in Seattle, told HousingWire that although people are hunkering down again, he doesn’t see any slowdown in the housing market yet.
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Source: HousingWire Magazine