Seattle Real Estate Market April 2024 Update

The Seattle Spring Real Estate Market is a bit tepid. On one hand, it feels like a late August market. In fact, I have never seen anyone EVER say “The spring break was a real impact to my open houses.” But at Monday’s meeting, several people mentioned this being an issue. It is probably not the spring break. More than likely, it is the economic news we all received. And the fact that interest rates are as high when Chavi and I bought our first home. That first home cost us $115,000 in Rainier Beach. Now you cannot find a home in Rainier Beach without spending at least… oh wait! Nothing is for sale right now in Rainier Beach.

Let’s just say we have the number of transactions of an August Seattle Real Estate Market, but without the hot weather or vacation mode.

Start Here – Kim’s Video About the Seattle Real Estate Market Update for April 2024

Let’s dive into this Seattle Real Estate Market Update below.

Seattle Real Estate Market Update for April 2024

This is a tale of two markets. On one hand, single-family homes are selling. And in some cases selling in multiple offers. The rate of multiple offers is rising after to the point that one of our highest-performing blogs right now is How to Win a Multiple Offer.

The Big News Impacting the Seattle Real Estate Market in April 2024

The big news that came out on Friday is that the economy grew (that’s good) and inflation is only going to get worse because of shipping issues (UGH)!! The Feds said they will not be lowering interest rates anytime soon. And the market reacted terribly (can I hide under my weighted blanket now?).

How Is This National and Global News Impacting Seattle’s Real Estate Market?

In April 2024, the Seattle real estate market presented a nuanced picture, with condominiums grappling with a significant downturn since 2021. This was marked by a 30% decrease in sales and burgeoning inventory levels reminiscent of the aftermath of the Great Recession.

Factors such as evolving rental market dynamics and shifting work practices contribute to this paradigm shift, challenging both sellers and agents alike. Conversely, the single-family home segment demonstrates relative stability amidst market fluctuations, with sales showing signs of equilibrium compared to the previous year. Despite a 37% drop in sales from 2022, the single-family market maintains a demand rate hovering around one month of inventory. This signals a return to normalcy amid historic volatility.

Let’s Unpack the Seattle the Condo Conundrum

The Condo market in Seattle is telling quite the tale these days. Since 2021, it’s been a bit of a rollercoaster ride, with sales taking a hit and inventory levels soaring. Seriously, we’re talking inventory numbers reminiscent of the Great Recession era. What gives? Well, it’s a mix of factors—from shifts in rental market dynamics to changing work habits—that’s shaking things up. But fear not, savvy sellers and agents, we’re here to navigate these choppy waters together.

For more info on this topic, be sure to watch Kim’s video Renting vs. Selling: What’s The Best Move For Your Seattle Home?

Single-Family Homes in Seattle Are a Force of Stability in a Sea of Uncertainty

Now, onto the single-family home front. While the Condo market may be experiencing some turbulence, Single Family Home properties are holding steady amidst the storm. Sure, there’s been a dip in sales compared to 2022, but 2024 is showing signs of stability. With inventory levels hovering around normal. This is a reassuring sight in an otherwise unpredictable market.

Remember, patience and negotiation skills are key in these changing tides.

Team Diva Is Your Guiding Voice In this Market

Yes, in 2024, patience truly is a virtue, whether you’re selling or buying a Condo, a Townhouse, or a Single Family Home. We are driven to creating a bespoke experience for your home buying and selling journey. Each home is different. And every buyer’s needs are different. Below are some tools to help you navigate this market!

Be a Smart & Savvy Home Buyer & Seller in 2024

Check out our home buyer and seller guides for 2024:

Thank You For Reviewing Our Seattle Market April 2024 Update

For Seattle home buyers and sellers, navigating the current real estate landscape requires a keen understanding of market dynamics. In April 2024, the condominium market reflected a challenging scenario with decreased sales and elevated inventory levels, potentially favoring buyers seeking opportunities.

Conversely, the single-family home market presents a more stable environment, despite a noticeable decline in sales compared to the previous year. Sellers should focus on strategic pricing and effective marketing to stand out in a competitive market, while buyers can capitalize on opportunities presented by the condominium downturn. Patience and negotiation skills are essential for both parties, with guidance from experienced real estate professionals like Team Diva at Coldwell Banker Bain offering valuable support in achieving success in Seattle’s dynamic market.

As we wrap up this April Seattle Real Estate market update, remember that Team Diva is here to guide you through every twist and turn. You know that in tough markets the Divas innovate. And that is exactly what we are doing.

We are here to help. Our team understands that this process can take a year or two. Give us a call. Our Team loves helping people develop a personalized listing plan for their homes. Feel free to contact us directly at thediva@teamedivarealestate.com or call/text 206-271-0264.