Seattle Real Estate Trends: April 2016

Let’s see what happened in Seattle’s real estate market in key neighborhoods this April!

Inventory and Pendings

Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing April 2015 and 2016.

market-update-2016-04a

It appears we have a growing amount of inventory in several neighborhoods, which is not unusual for a spring market and very welcome after our robust fall and winter. In most neighborhoods we have slightly more homes on the market than we did last year. The number of homes under contract is a mixed bag. In virtually all cases, however, there are more pendings for the month than there are active listings, which is indicative of very strong demand!

Median Sales Prices

Median sales prices are up at least 20% in all areas comparing April 2015 versus April 2016 numbers. What other investment allows you to leverage for a 37.7% year over year gain? See the tables below!

market-update-2016-04b

List Price to Sales Price

When the list price to sales price is over 100%, this is usually an indicator of multiple offers. Look at our year over year changes there!  Although a change from 102.7% to 104.5% may not seem like much, if you are buying a home that is $700,000 that could be a $12,600 difference.

market-update-2016-04c

The Mariners are currently in first place, the weather has been gorgeous, and maybe this is the year that you get to enjoy living in a new home.  Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

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