In May 2024, Seattle's housing market presented a whirlwind of activity, marked by soaring interest rates and a pressing inventory shortage.

Here's a comprehensive breakdown:

  1. Sales Activity Intensity: The market showed an aggressive pace with numerous bidding wars, reflecting high demand despite financial constraints.

  2. Monthly Inventory Level: Inventory remained critically low, failing to meet buyer demand and driving up property prices.

  3. Interest Rates: Rates continued their upward trend, complicating affordability and borrowing costs.

  4. Combined Impact on the Market: The interplay of high demand, low supply, and rising rates led to a fiercely competitive market environment.

  5. Residential Resale, Condos & New Construction: All sectors of the housing market felt the pinch, with resales and new constructions struggling to keep pace with buyer interest.

  6. The Fed: Federal policies and economic indicators suggested further rate adjustments could be on the horizon.

  7. Seasonality: Typical spring uplift in sales was exaggerated by the market dynamics, pushing prices even higher.

  8. Being Prepared as a Buyer and Seller: Market conditions necessitated well-informed strategies for both buyers and sellers to navigate the complex landscape effectively.

  9. For Buyers: Adapting to New Norms: Prospective homeowners had to adjust expectations and strategies, often considering higher budgets or different locations to find suitable homes.

As Seattle navigates this turbulent period, staying informed and agile remains crucial for anyone looking to buy or sell in the city's ever-changing real estate environment.