SEATTLE HOUSING MARKET UPDATE
July 2015 set more records for Seattle real estate!
The new report summarizing July activity shows year-over-year gains in pending sales, and prices.
The median price of a Seattle home is now A NEW ALL TIME RECORD $560,000 which is up 9% from one year ago when the median price of a Seattle home was $525,000.
There were 816 pending sales in July, which is up 11% from twelve months ago when 733 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JULY?
In July there were 674 ACTIVE listings in the Seattle real estate market.
In July 816 homes went PENDING.
Which means that 1 out of every 0.8 homes on the market went pending in June.
This 0.8 ratio implies a 0.8 month supply of inventory.
The 0.8 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 7 MONTHS HAVE SEEN THE BEST SELLER RATIOS EVER FOR SEATTLE ABSORPTION RATE.
Any ratio under 3.0 is a seller’s market indicator.
Any ratio between 3.0 and 6.0 is a neutral market indicator.
Any ratio over 6.0 is a buyer’s market indicator.
The story remains LACK OF INVENTORY.
In July there were 681 ACTIVE listings in Seattle.
The 674 ACTIVE listings is 65% under our 10 year average for July inventory.
Another way of looking at it is that we are only at 35% of our average inventory for this time of year.
THE 674 ACTIVE listings is the 8th lowest month ever recorded. Slightly higher than the all time low which was set 7 months ago (January 2015) with 581.
Needless to say, the 674 ACTIVE July listings is the lowest number ever recorded for JULY in Seattle.
The July ten year moving average for inventory is 1,944 ACTIVE listings.
Also if we compare July 2015 to July 2014 we will note that even though inventory was low in July 2014 (1143) it was even lower in July 2015 (674). Inventory is down 41% vs 2014.
In the month of July the AVERAGE list price vs sales price for Seattle was 104%.
So the average home sold for 4% over the asking price.
This is the 6th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%
And real estate is always LOCALIZED. What I mean is that CERTAIN areas are moving better than other areas. Let’s take a look at list price vs sales prices for some different neighborhoods in Seattle for the month of July
- Ravenna 109%
- Wedgwood 106%
- Laurelhurst 106%
- Madrona 106%
- Green Lake 105%
- Ballard 105%
- Beacon Hill 105%
- View Ridge & Hawthorne Hills 104%
- Montlake 104%
- Lake City 104%
- Queen Anne 103%
- Magnolia 103%
- Seward Park 103%
- Capitol Hill 103%
- West Seattle 102%
THE CHART AND GRAPH BELOW ARE REAL ESTATE STATISTICS FOR THE CITY OF SEATTLE.
If you have any questions or if I can be of any assistance please contact me.