Over the last few weeks, our agents have seen a rise in the number of deals with multiple offers. At the same time, many of our first-time home-buyers have told us they got into the market hoping to get 15% off any home they want, but they’re finding the houses they want are in demand.The good homes seem to be selling fast with the final sale prices at or near list prices.
To get to the bottom of what’s going on in the market, Dave Billings, our Seattle manager, took a look at the data.
More Redfin Offers Are In Multiple Offer Situations
March: 18 of our 127 offers (14%) were in multiple offer situations.
April*: 24 of our 112 offers (21%) were in multiple offer situations. For the multiple offer properties the average list price was $398,000. 63% (15 of 24) were under $400K.
Houses Are Selling Faster
Looking at the days on market (DOM) for recent sales we see it decreasing:
March: Median DOM for <$400K single family home sales was 49 days.
April: Median DOM for <$400K single family home sales was 37 days.
March: Median DOM for <$400K condo sales was 42 days.
April: Median DOM for <$400K condo sales was 49 days.
For single family homes, a 12 day drop in the median DOM over just 30 days is huge. New inventory is being snapped up quickly, while stale inventory is sitting on the market and rotting. Condos have typically been a house-alternative, but given seven day rise in median DOM for condos, it looks like buyers who can afford houses are choosing that path over condos.
Prices Down, Sale to List & Sales Up, Inventory Flat
We also have a few observations from when we were pulling the numbers for our home buying class slides [pdf].
In every neighborhood we monitor, both the average sold and list price dropped roughly $50K from March, while the sale-to-list percentage was up about two points in each area for both condos and single family homes.
The NWMLS King County inventory remained fairly flat at just under 40,000 listings, but the number of sales in the last month increased. As a result, the months of inventory dropped from roughly 16 to under 12; a significant drop in for one month.
Note: We pulled the April data on the 28th so it’s not for the whole month.