Like most parts of the U.S. economy in 2019, the Seattle & Central Puget Sound housing market has remained strong. Over a decade after the last housing crisis we are still riding one of the longest bull markets in our country’s history. All the major stock indexes reached new record highs throughout 2019.
Interest rates have remained in lower positions keeping buyer activity strong but most of the inventory in the Seattle area is much lower than national levels driving prices up and keeping the needle on the sellers market side of the gauge. That being said, we are starting to see stabilization and slower growth as the market shifts toward equilibrium.
Seattle Housing Market | Sales Data 2019
Pending sales increased +3.8 % year-over-year from 2018-2019 at 67,331. Closed sales slid -0.9 % to end the year at 65,694.
Even though a record bull market and low rates kept the housing-market-engine moving forward a moderate pace, inventory dampers kept if from pushing full steam ahead into a buyers market.
All below statistics were reliably sourced from the Northwest Multiple Listing Service (NWMLS)
Seattle Housing Market | Listing & Inventory Data
The number of homes available for sale in 2019 was -41.7% lower year-over-year with 4643 active listings available at the end of the year; new listings were also down -5.4% finishing the year at 76,674.
The share of homes priced at $400,000 and lower fell a whopping -63% year-over-year. Properties in this range have been falling sharply over the last five years.
Seattle Housing Market | Percentage of List Price Received
On average, sellers received their asking prices in 2019; at 100% listing price this is a decrease of just -1.4% year-over-year. On the residential side, property owners received 100.1% of list price, down -0.2% and condo owners commanded 99.4% of list price slightly down year-over-year to -2.4%
Days on Market
The average days on market (DOM) for residential properties increased +4.4% to 32 days. On the condominium side, DOM increased +1.4% to 33 days.
Seattle Housing Market | Sales by Price Range
Properties sold at $400,000 or below decreased -13.4% year-over-year to 22,915 homes. At the $400,000 – $600,000 range, sales increased +13% to 20,674.
In 2018 the Federal Reserved attempted to equalize the hot economy with four separate rate hikes; in contrast, during 2019 they cranked the heater back up and reduced rates three times. Decreases were likely due in part from GDP growth in 2019 coming in lower year-over-year. These contrasting efforts are to keep our economical pot of chili simmering and warm rather than boil it over, eventually making a huge mess.
At a national level, the housing market remains strong with slim inventory and price gains being the main commonalities across markets. We are feeling the tighter inventory more so here in the Pacific Northwest, having a months supply at about half the national average.
In most of the Seattle area it still remains a sellers market, but with some of the stagnation in King and Snohomish Counties year-over-year, it’s giving home buyers some needed relief.
As we progress into 2020, we’ll likely see continued low mortgage rates and a healthy economy here in the Seattle Metropolitan Area; that being said, it is an election year so we may see some reduction in housing market activity in the second half of the year.
County Overview Statistics
|Closed||Change from 2018||Change from 2015||New Listings||Average DOM||Inventory||Months Supply||% of List Price Received|
Thanks for reading. Team Sno-King wishes you a happy and abundant 2020! If you need to buy or sell a home in the Seattle area, contact us, we’re here to help!