The latest RE/MAX National Housing Report illustrates the incredible and frenzied Seattle housing market over the last year and beyond.
The February RE/MAX report showed the median home sale price in Greater Seattle reached a record $675,000, a 17.4% increase over last year.
While prices continue to set records, sales, inventory and days on the market are plummeting.
Seattle area home sales dropped 13.5% in February, compared to the same month in 2021. Active inventory, a dire problem for buyers in recent months, was down 31.7% year over year. And the average days on the market for homes in the Seattle area was just 17 in February. It was 26 days a year ago.
There may be some signs of improved inventory as the calendar hits spring, traditionally when more houses are bought and sold than during the harshest winter months.
“We’re seeing the beginning of a shift in certain areas as the spring market unfolds,” Matt van Winkle, CEO of RE/MAX Integrity Northwest, told Seattle Agent. “We saw large price increases between January and February due to incredibly low inventory, but now we are seeing less competition in the City of Seattle while surrounding areas are still incredibly competitive.”