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The Headline Says Softening. My Neighborhoods Tell a Different Story.
Windermere’s Principal Economist Jeff Tucker just dropped the April analysis and as always I love that we get access to this kind of research so quickly. The citywide numbers tell one story. What I am seeing on the ground tells another. Here is both.
The big picture for Seattle: more inventory, more selectivity, and a market that rewards preparation.
๐ Active listings up 28% compared to last year
๐ Median closed price: $998,899, down about 3% from last April
๐ก 1.9 months of supply, still technically a seller’s market but closing in on neutral
โฑ๏ธ Homes sold in the first 14 days closed at 100.8% of list price. Homes that took 90 or more days closed at 90.7%
That gap is 9.3%. For sellers, timing and pricing are everything right now.
But here is what the citywide data cannot tell you.
In the micro markets I watch closely, well priced single family homes are still moving fast and drawing multiple offers. Ballard, Queen Anne, and Ravenna continue to attract serious buyers. West Seattle is seeing more than 20% of homes selling above list price, making it one of the most competitive pockets in the city right now. Green Lake remains one of Seattle’s most beloved neighborhood hubs, with strong community demand keeping inventory tight. Capitol Hill and Fremont round out the neighborhoods where preparation and precise pricing are still being rewarded with strong early activity.
The market is bifurcating. Well priced, well prepared homes are winning. Everything else is sitting.
A genuine bright spot for buyers.
Lower prices combined with a 30 year rate of approximately 6.3% mean buyers are saving roughly $432 per month compared to April of last year. That is approximately $5,185 per year in real affordability. If you have been waiting, that window is open right now. I am not a mortgage broker and every situation is unique. Please consult with a trusted mortgage professional and reach out if you need a referral.
What to watch.
May and June are historically the peak months of the spring market. Buyers and sellers who move decisively right now tend to see the strongest outcomes.
I share these updates monthly because I believe informed clients make better decisions. Read the full April analysis on my blog at Sullivan Homes. If you want to talk through what this means for your specific situation, I am here.
