SEATTLE HOUSING MARKET UPDATE
August was another great month for SELLERS in Seattle.
The median price of a Seattle home is now $614,000.
The median price of a Seattle home is up 10% vs August of 2015 when the median price was $560,000.
There were 880 pending sales in August, which is up 24% from twelve months ago when 710 pending sales were reported.
SO WHAT HPPENED TO SEATTLE REAL ESTATE IN AUGUST?
In August there were 742 ACTIVE listings in the Seattle real estate market.
In August 880 homes went PENDING.
Which means that 1 out of every 0.84 homes on the market went pending in August.
This 0.84 ratio implies a 0.84 month’s supply of inventory.
The 0.84 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 20 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 August there were 742 ACTIVE listings in Seattle.
The record low was set 8 months ago (December 2015) with 361 ACTIVE listings.
The 742 ACTIVE listings is 59% under our 10 year average for August inventory.
Another way of looking at it is that we are only at 41% of our average inventory for this time of year.
The August ten year moving average for inventory is 1,817 ACTIVE listings.
Interestingly, if we compare August 2016 to August 2015 we will note that in August 2015 there were 704 ACTIVE listings. In August 2016 there are 742 ACTIVE listings. Therefore inventory is up 5% vs one year ago!!
In the month of August the AVERAGE list price vs sales price for Seattle was 103%.
So the average home sold for 3% over the asking price in August!!!
This is the 19th 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 August was 17 days before they accepted an offer. The 17 days is the 3rd 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 August.
- Laurelhurst 117%
- Bryant 110%
- Ravenna 107%
- Montlake 105%
- Maple Leaf 105%
- Green Lake 105%
- Ballard 105%
- Seward Park 104%
- Wedgwood 104%
- West Seattle 103%
- Wallingford 103%
- Capitol Hill 103%
- Lake City 103%
- Queen Anne 101%
- Magnolia 101%
- View Ridge and Hawthorne Hills 100%
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.