SEATTLE HOUSING MARKET UPDATE
October was another great month for SELLERS in Seattle.
The median price of a Seattle home is now $612,000.
The median price of a Seattle home is up 13% vs October of 2015 when the median price was $540,000. Please also note, that the median price had dropped THREE MONTHS IN A ROW prior to October. Also note that the median sales price for the last 3 months in a row is the lowest median sales price since January 2016 when the median sales price was $585,000.
There were 816 pending sales in October, which is up 18% from twelve months ago when 689 pending sales were reported.
SO WHAT HPPENED TO SEATTLE REAL ESTATE IN OCTOBER?
In October there were 772 ACTIVE listings in the Seattle real estate market.
In October 816 homes went PENDING.
Which means that 1 out of every 0.946 homes on the market went pending in October.
This 0.946 ratio implies a 0.946 month’s supply of inventory.
The 0.946 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 22 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 October there were 772 ACTIVE listings in Seattle.
The record low was set 10 months ago (December 2015) with 361 ACTIVE listings.
The 772 ACTIVE listings is 57% under our 10 year average for October inventory.
Another way of looking at it is that we are only at 43% of our average inventory for this time of year.
The October ten year moving average for inventory is 1,782 ACTIVE listings.
Interestingly, if we compare October 2016 to October2015 we will note that in October 2015 there were 709 ACTIVE listings. In October 2016 there are 772 ACTIVE listings. Therefore inventory is up 10% vs one year ago!!
In the month of October the AVERAGE list price vs sales price for Seattle was 102%.
So the average home sold for 2% over the asking price in October!!!
This is the 21st 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 October was 17 days before they accepted an offer. 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 Ocotber.
- Capitol Hill 107%
- Ravenna 106%
- Wallingford 105%
- Green Lake 103%
- Bryant 103%
- Maple Leaf 103%
- Ballard 103%
- Seward Park 103%
- Wedgwood 102%
- Laurelhurst 102%
- West Seattle 102%
- Queen Anne 102%
- View Ridge and Hawthorne Hills 102%
- Montlake 101%
- Magnolia 101%
- Lake City 99%
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.