Seattle Housing Update - Resale Only
Intensity Spike
We saw a favorable spike of intensity in the market in January. Although fewer new resale listings and fewer homes went under contract, this is a stark contrast to what is happening in the market. For new listings priced up to $1 million, there was a surge activity intensity with some multiple offer situations; this represents 78% of sales activity. There was a very strong level of Sales Activity Intensity™ up to $1.5 million, healthy sales activity up to $5 million with selective buyer activity above $5 million.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
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With fewer buyers looking to purchase homes, fewer homes are coming onto the market, leading to the shortage/low level of unsold inventory. We see this in the more affordable and mid-price+homes where approximately 80%+ of sales activity occurs. After the first of the year, we saw an increase of one+ level of hotness of Sales Activity Intensity™ for new resale listings going under contract within the first 30 days. Starting pre-summer, intensity mellows as we experience more new listings coming onto the market. Remember, buying and selling within the same market timing is okay.
Current housing market
KEY MARKET INDICATORS FEBRUARY 2023 (JANUARY Recap)
