Property Views: High demand, low inventory a trend in Seattle

Hello May! Spring has sprung, and the Seattle real estate market continues to be extremely active! We have seen a continuing shortage of inventory and a demand that looks to not be slowing down.

The great housing “reshuffle” seems to continue in now its second phase. Home has been redefined for many of us; the merging of home and office, and the now further rebalancing of many people working part time at home and working out a “new normal” will continue to help shape the market. Preparing a home to present to market has never been more important; our home prep gurus, styling team and photographers and inspectors have never been busier.

The single-family home market has been particularly robust. One part of the market that has been slow over the past 12 to 14 months is the condo market, and over the past few weeks it has had a tremendous awakening with a lot of properties that have been on the market for some time selling and seeing competing offers. There is also a great shortage of singly-family rentals in the Seattle market city-wide.

We are getting our open house signs out again, and you should see more open houses pop up in the next month. One holdover from the past year is that the showing process has been exclusively by appointment. This approach has allowed clients to have time alone in a home for an allotted period — something that will likely continue from the positive feedback we have received!

By the Numbers (03/01/2021 – 04/15/21)

Denny Blaine, Broadmoor, Washington/Madison Park (Single-Family Homes)

13 sold homes

Average Sales Price: $2,489,058

Average Days on Market: 68

Average Price Per Square Foot: $734

Lowest Sales Price: $930,000

Highest Sales Price: $7,500,000

There are currently 11 active properties for sale with average offering price of $4,668,909, ranging from $1,350,000 to $13,895,000 with an average days on market of 58.

There are currently 22 properties pending sale, average offering price of 2,481,355 and an average days on market of 31.

Denny Blaine, Broadmoor, Washington/Madison Park (Condominiums):

6 sold homes

Average Sales Price: $569,333

Average Days on Market: 11

Average Price Per Square Foot: $695

Lowest Sales Price: $337,000

Highest Sales Price: $745,000

There are currently eight active properties for sale with an average offering price of $2,033,375, ranging from $718,000 to $3,500,000 with an average days on market of 129 days.

There are currently five properties pending sale with an average offering price of $846,580, ranging from $495,000 to $1,749,000 with an average days on market of 40 days.

I am honored and happy to help with anything I can in maneuvering this ever-changing and dynamic Seattle real estate market. My team and I at GBK/Compass are here to assist with the presentation of your home in preparation of bringing it to market as well as a thoughtful home search with the utmost attention to detail and care. I am here to answer any questions.

Spafford Robbins, GBK/Compass; SpaffordRobbins.com.