Seattle Real Estate Market Update March 2023

Roy Powell shares key insights about the Seattle Real Estate Market March 2023, including why condos are a great purchase at the moment.

What do you need to know about the Seattle Real Estate Market in March 2023? The market suddenly warmed up after what felt like a long dark winter. It warmed up so much that suddenly some of our Diva Dwelling sold in multiple offers. And others sold in a few days. Meanwhile, the luxury market went from an eighth month to just around five months. This is a huge change. But the biggest change has been seen in our single-family home market. Here we are seeing multiple offers make a comeback. Totally unexpected!

Below are details about what is happening in the Seattle Real Estate Market for March 2023.

Seattle Real Estate Market March 2023 Update aka The Demand Rate

So what’s going on around here?! One minute everyone is talking about a slow market where buyers are getting great deals, and the next thing we know, homes are selling in multiple offers. This isn’t true for every type of home; It depends on what you are looking for. If you’re already familiar with this Coffee with Roy series, then you are probably know all about Demand Rates. But if you need a refresher or an intro, no problem—check out “Coffee with Roy: February 2022 Seattle Real Estate Market Update” to see how the demand rate is calculated.

The Demand Rate is a helpful way to look at how many buyers are in the market at any given time. And keep in mind that the demand rate can change each day, as well as by neighborhood. Let’s do a quick roundup of the demand rates for the first week of March 2023!

February 2023 Seattle Real Estate Market Update aka The Demand Rate

Luxury Homes – Demand Rate 5.11
Single Family Homes – Demand Rate 1.11
Condos – Demand Rate 1.77

Below, I’m going to share exactly what each of these numbers actually means.

Luxury Homes – Seattle Real Estate Market Update March 2023

In Seattle, we consider Luxury Homes to be homes that are valued at $3 million or above. The demand for luxury homes has picked up quite a bit, with only 46 homes above $3M available in Seattle and 9 pending. This gives us a demand rate of 5.11. This is the lowest inventory for luxury homes in almost a year!

Single Family Homes – Seattle Real Estate Market Update March 2023

Single-family home demand is currently at 1.11, which is right on par for a market where a lot of new listings are seeing a ton of action right now. You might need to check out our How to Win a Multiple Offer Guide again.

Condo – Seattle Real Estate Market Update March 2023

This last one is the most surprising to me. Demand for condos has had almost no change in the past few months. It’s currently at 1.77. Basically, condos that look great, are in lendable buildings, and are well-priced are selling. It is taking several weeks but they are selling.

Thanks for Getting Your Monthly Seattle Real Estate Market March 2023 With Us

What do you need to know about the Seattle Real Estate Market in March 2023? Our question right now is are buyers back? Or do sellers not want to sell their homes right now because they want to wait until the interest rates go lower? Stay tuned in as the world turns in real estate.

Check In With How the Market Has Been Previously

We are here to help. Our team understands that this process can take a year or two. And we are more than willing to give you a personalized plan to get the ball rolling. Feel free to contact us directly at thediva@teamedivarealestate.com or call/text 206-271-0264.