Single-family November market report: cooling off for winter, but still hot
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The numbers for what the Seattle single-family home real estate market did in November are out. Not surprisingly covid effects are still being felt; November had 832 closings, down from the all-time peak of 1000 in October, but 832 closings is more than any month in 2018 and 2019!
Demand for single-family homes is clearly still strong, though cooling as the market typically does November to January.
Looking to 2021 we predict that demand for single-family homes will remain strong. Fortunately we’ll likely to continue to see strong supply as some sellers re-think their plans and move out of the area.
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The median sales price was flat for the third month in a row at $799,000. While median price per square foot was $455.
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Not surprisingly new listings decline a lot as is typical this time of year. The days are short, the weather is bad, people are thinking about the holidays. Not an ideal time to sell. But a 647 new listings in November, that is a lot more than the 458 we saw last November.
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Remarkably though the number of homes for sale in November was 910, about the same as last years 905.
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This was likely due to more homes going under contract than we typically see this time of the year.
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