November 2015 Record Setting Month For Seattle Real Estate | Steve Laevastu

SEATTLE HOUSING MARKET UPDATE

November 2015 was a RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!

The median price of a Seattle home set a new record in November.

The median sales price for a Seattle home in November was $575,000.

The previous record was set back in July of 2015 at $560,000.

The median price of a Seattle home is up 19% vs November 2014.

There were 618 pending sales in November, which is up 13% from twelve months ago when 548 pending sales were reported.

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN NOVEMBER?

In November there were 487 ACTIVE listings in the Seattle real estate market.

In November 618 homes went PENDING.

Which means that 1 out of every 0.8 homes on the market went pending in November.

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 11 MONTHS HAVE SEEN THE BEST SELLER RATIOS EVER FOR SEATTLE ABSORPTON 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 November there were 487 ACTIVE listings in Seattle.

The 487 ACTIVE LISTINGS IS AN ALL TIME RECORD LOW FOR SEATTLE INVENTORY.

The previous record low was 581 which was recorded in January 2015.

The 487 ACTIVE listings is 71% under our 10 year average for November inventory.

Another way of looking at it is that we are only at 29% of our average inventory for this time of year.

The November ten year moving average for inventory is 1,664 ACTIVE listings.

Also if we compare November 2015 to November 2014 we will note that even though inventory was low in November 2014 (821) it was even lower in November 2015 (487). Inventory is down 41% vs 2014.

In the month of November the AVERAGE list price vs sales price for Seattle was 102%.

So the average home sold for 2% over the asking price.

This is the 10^th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%

The AVERAGE days on market for a Seattle home was 22 days before they accepted an offer.

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 November