Seattle Real Estate Trends: August 2016

I am still in awe of that amazing Seahawks win on Sunday. Let’s keep it up! Go Hawks!

Let’s take a look at what happened in Seattle’s August real estate market in key neighborhoods:

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 August 2015 and 2016.

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Overall, Seattle’s inventory dropped just slightly from July (which had posted a much-needed gain) for a total of 1,041 residences and condos for sale. That is just under July’s 1,077. To compare, Seattle had 1,175 pending listings in August, so the demand is still very high despite the increase in inventory. The beginning of September felt a little slower than we had been in weeks past, but that is very typical for this time of year.

Median Sales Prices

Seattle’s median sales price for both residential and condos grew from $537,800 last August to $580,100 last month (represents a 7.9% gain). Looking at residential and condos separately, residential prices are up 9.6% ($560,000 to $613,535) and condo prices are up a slight 0.2% ($422,000 to $423,000).

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What does the rest of your 2016 look like in terms of real estate? Questions? Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

 

 

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