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Real Estate

Will a second lockdown cool off the red-hot Seattle housing market?

Multiple offers and tens of thousands over asking price are still the norm, agents say

Seattle-skyline-HW-1

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.

“I think the market is still strong. Throughout the year I’d say typically the summertime and spring is buying season, but because of this year, everything has been pushed,” Nadir said. “And now fall, winter-time is still a strong time to buy, and it is a time to buy for folks that are looking to prepare to beat next year’s market. So, people are optimistically cautious, is what I would say.”

Nadir said that about a third of his clients this year have come from out-of-state, and he has been educating clients on how Washington is being proactive in combating COVID-19 as a lot of this year has been about “how we maneuver [and] strategize during these unprecedented times, difficult times and restrictive times.”

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