Seattle Real Estate Market Update March 2014

In the month of March there were 797 ACTIVE listings in Seattle. In the month of March 736 homes went PENDING. This means that 1 out of every 1.1 homes on the market went SOLD PENDING.
This implies a 1.1 month supply of inventory.

  • Any ratio under 3.0 is considered a “seller’s market indicator”
  • Any ratio between 3.1 to 6.0 is considered a “neutral market indicator”
  • Any ratio over 6.1 is considered a “buyer’s market indicator”

The Seattle inventory ratios for the last twelve months are as follows:

march2014seattle-market-numbers

In fact, the last 26 months (February 2012 through March 2014) have all had seller’s market indicators!
Another way to look at inventory is the number of homes available for sale. In March 2014, there were 797 active listings available for sale. The 10 year moving average for the number of active listings available in March is 1,704. Therefore we are 53% below our 10 year moving average for Seattle housing inventory.
Inventory continues to be a challenge in the Seattle area. As you can see in the graphs below, in most areas, supply cannot keep up with demand. I expect these conditions will continue until we have enough homes available for the number of buyers who are in the market.

mar2014-seattle-north

mar2014-seattle-ballard

belltown ballard

mar2014-central-seattle

Median Sales Prices
The Seattle housing market peaked in July of 2007 with a median sales price of $496,000. The median home price of a Seattle home in March 2014 is $441,000. Therefore the average price of a Seattle home has come down 11% since we peaked in July of 2007.

Median Sales Prices in most areas have risen along with the high demand. However, due to lack of inventory in certain price points, median sales prices in some areas have seen a decline because there are simply not enough homes available at higher price points.

2014-2013-march-comparison

If you have been wondering how your home fits in the market or would like additional data or information, please contact me. I would be happy to look at the numbers for your neighborhood and let you know where you stand with your real estate investment. Please contact me at sold@windermere.com or give me a call: (206) 226-5300.

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