SEATTLE HOUSING MARKET UPDATE
June 2016 was another RECORD breaking month for Seattle real estate.
The median price of a Seattle home set a new record in June with a median sales price of $655,000.
The previous record was set in May 2016 and February 2016 with a median sales price of $625,000.
The median price of a Seattle home is up 17% vs June 2016.
Remember the subprime fiasco real estate market? Our Seattle real estate market bottomed out in February 2011 with a median price of $355,000. The Seattle market is up 85% since February 2011.
There were 942 pending sales in June, which is up 11% from twelve months ago when 849 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JUNE?
In June there were 646 ACTIVE listings in the Seattle real estate market.
In June 942 homes went PENDING.
Which means that 1 out of every 0.7 homes on the market went pending in June.
This 0.7 ratio implies a 0.7 month supply of inventory.
The 0.7 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 18 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.
EPIC RECORD SETTING LOW INVENTORY!!!
In June there were 646 ACTIVE listings in Seattle.
The record low was set 6 months ago (December 2015) with 361 ACTIVE listings.
The 646 ACTIVE listings is 64% under our 10 year average for June inventory.
Another way of looking at it is that we are only at 36% of our average inventory for this time of year.
The June ten year moving average for inventory is 1,801 ACTIVE listings.
Also if we compare June 2016 to June 2015 we will note that even though inventory was low in June 2015 (681) it was even lower in June 2016 (646). Inventory is down 5% vs 2015.
In the month of June the AVERAGE list price vs sales price for Seattle was 104%.
The 104% list price vs sales price average is the second highest ever recorded.
The record was set in March 2016 with 105%.
So the average home sold for 4% over the asking price in June!!!
This is the 17th month in a row that the AVERAGE list price vs AVERAGE sales price has been at or over 100%
The AVERAGE days on market for a Seattle home in the month of June was 16 days before they accepted an offer. The 16 days is the 2nd lowest number ever recorded in Seattle. The record is 14 days which was set in May 2016.
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 June.
- Madrona 110%
- Green Lake 109%
- Wedgwood 109%
- Wallingford 108%
- Laurelhurst 108%
- Maple Leaf 107%
- Ravenna 107%
- Bryant 106%
- Seward Park 106%
- Montlake 105%
- Magnolia 105%
- View Ridge & Hawthorne Hills 105%
- West Seattle 105%
- Queen Anne 104%
- Capitol Hill 103%
- Lake City 103%
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.