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Seattle-area homes are selling fast — typically in 8 days
September 21, 2023
By Melissa Santos & Sami Sparber
Around 63% of Seattle-area homes in July were snapped up in two weeks or less, according to Redfin data shared with Axios.
- That’s far above the national average, which saw roughly 41% of listings marked pending, contingent or sold within that window, Redfin found.
Why it matters: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.
- In July, homes in the Seattle-Bellevue-Everett metro area went off-market after a median of eight days, per the real estate brokerage.
Yes, but: Self-identified fixer-uppers are typically selling for less — and more slowly — than expected, according to Zillow data shared with Axios.
- Across the U.S., listings that mention “fixer-upper” — 0.3% of sales in the first half of the year — sold at a 3.1% discount and took 3.2 days longer to sell relative to expectations, per Zillow.
- Listings pegged as “remodeled” or “renovated,” which accounted for 24.1% of U.S. sales, sold at a 1.2% premium and 1.8 days faster than expected.
What’s happening: Homebuyers already hampered by gravity-defying prices and mortgage rates don’t want to spring for a place that looks like an HGTV “before” photo.
- “The homes need to show well to sell quickly,” Robert Burns, president of Coldwell Banker Bain, told Axios.
Zoom in: Burns said buyers are “really stretching their purchasing power” in the Seattle metro area — particularly in King County, where the median sale price was $821,000 last month, per the Northwest Multiple Listing Service.
- That means prospective buyers don’t want to be worried that they’ll immediately have to shell out thousands of dollars or more for a new roof or other major project, he said. See More
