July was another great month for SELLERS in Seattle. However, the craziness slowed down a little bit in July.
The median price of a Seattle home is now $634,000.
The median price of a Seattle home is up 13% vs July of 2015 when the median price was $560,000.
The cranes are busy, buyers are out shopping, and if we could get Felix Hernandez off the DL, we would really be cookin’! Let’s see what happened in Seattle’s real estate market in key neighborhoods this May.
May 2016 was another RECORD breaking month for Seattle real estate
The median price of a Seattle home is now $625,000.
The median price of a Seattle home is up 14% vs May 2015.
The $625,000 median price ties the all time record high.
There were 992 pending sales in May, which is up 11% from twelve months ago when 889 pending sales were reported.
The 992 units is a new record for pending sales in a month. The previous record was 984 units which happened in March 2005.
SEATTLE HOUSING MARKET UPDATE
April 2016 was another GREAT MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $625,000.
The median price of a Seattle home is up 14% vs April 2015.
There were 807 pending sales in April, which is down 10% from twelve months ago when 892 pending sales were reported. Continue reading
SEATTLE HOUSING MARKET UPDATE
March 2016 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $627,000. This is a new record.
The old record was set in February 2016 at $625,000.
The median price of a Seattle home is up 23% vs March 2015.
Mariners baseball is starting in just a few weeks, the tulips are up, and all my listings are pending! Let’s see what happened in Seattle’s February 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 February 2015 and 2016.
Median Sales Prices
Median sales prices are up quite dramatically in some areas comparing February 2015 versus February 2016 numbers. See the tables below!
With the number of sales dropping in some areas due to lack of inventory, median sales price adjustments may get more pronounced. For example, in North Seattle, the number of sales dropped from 81 last February to 65 this February. However, in Ballard/Greenlake, the sales went from 119 last year to 189. Belltown went from 23 last year to 40 this year. Queen Anne/Magnolia was about at par with 69 sales last year and 71 this year. Central Seattle went from 105 to 83.
In Ballard/Greenlake, there were several lower-priced properties that sold that might be skewing the median a bit. The Cove at Verdian counted for 8 of the 189 sales, all under $239,000. In addition the Vik condo project accounted for 64 sales, ranging from to $261,900 to $755,900.
Just like in Belltown last summer with the Ensignia project, as inventory is low and a buildings-worth of new product comes on the market, I expect median home prices to skew based on the pricing in the development.
The median home price for February in all of Seattle for both residential and condos was $511,000, which is 16.1% above last February’s $440,000. February had 695 listings available on the market and as of this writing, there are 747 active listings, which is good for our market.
If you would like to learn more about what is happening in your neighborhood, let’s talk! Please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.
SEATTLE HOUSING MARKET UPDATE
February 2016 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $625,000. This is a new record.
The old record was set back in January 2016 at $585,000.
The median price of a Seattle home is up 27% vs February 2015.
There were 590 pending sales in February, which is up 5% from twelve months ago when 565 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN February?
In February there were 468 ACTIVE listings in the Seattle real estate market.
In February 590 homes went PENDING.
Which means that 1 out of every 0.8 homes on the market went pending in February.
This 0.8 ratio implies a 0.8 month supply of inventory.
The 0.8 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 14 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 February there were 468 ACTIVE listings in Seattle.
The 468 ACTIVE LISTINGS IS THE THIRD LOWEST NUMBER EVER RECORDED.
The record low was set two months ago (December 2015) with 361 ACTIVE listings.
The second lowest was January 2016 with 456 ACTIVE listings.
The 468 ACTIVE listings is 69% under our 10 year average for February inventory.
Another way of looking at it is that we are only at 31% of our average inventory for this time of year.
The February ten year moving average for inventory is 1,469 ACTIVE listings.
Also if we compare February 2016 to February 2015 we will note that even though inventory was low in February 2015 (589) it was even lower in February 2016 (468). Inventory is down 21% vs 2015.
In the month of February the AVERAGE list price vs sales price for Seattle was 103%.
So the average home sold for 3% over the asking price.
This is the 13th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%
The AVERAGE days on market for a Seattle home was 26 days before they accepted an offer.
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 February
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.
Thank you,
Steve Laevastu
cell 206-226-5300
SEATTLE HOUSING MARKET UPDATE
January 2016 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $585,000. This is a new record.
The old record was set back in November 2015 at $576,000.
The median price of a Seattle home is up 17% vs January 2015.
There were 442 pending sales in January, which is down 15% from twelve months ago when 523 pending sales were reported. The reason pending sales were down is because there is no inventory out there to sell.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JANUARY?
In January there were 456 ACTIVE listings in the Seattle real estate market.
In January 442 homes went PENDING.
Which means that 1 out of every 1.03 homes on the market went pending in January.
This 1.03 ratio implies a 1.03 month supply of inventory.
The 1.03 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 13 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 January there were 456 ACTIVE listings in Seattle.
The 456 ACTIVE LISTINGS IS THE SECOND LOWEST NUMBER EVER RECORDED.
The record low was set last month (December 2015) with 361 ACTIVE listings.
The 456 ACTIVE listings is 67% under our 10 year average for January inventory.
Another way of looking at it is that we are only at 33% of our average inventory for this time of year.
The January ten year moving average for inventory is 1,381 ACTIVE listings.
Also if we compare January 2016 to January 2015 we will note that even though inventory was low in January 2015 (581) it was even lower in January 2016 (456). Inventory is down 22% vs 2015.
In the month of January the AVERAGE list price vs sales price for Seattle was 101%.
So the average home sold for 1% over the asking price.
This is the 12th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%
The AVERAGE days on market for a Seattle home was 26 days before they accepted an offer.
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 January
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.
Thank you,
Steve Laevastu
cell 206-226-5300
SEATTLE HOUSING MARKET UPDATE
December 2015 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $572,000. This is the 2nd highest of all time.
The record was set last month (November 2015) at $576,000.
The median price of a Seattle home is up 18% vs December 2014.
There were 355 pending sales in December, which is down 13% from twelve months ago when 402 pending sales were reported. The reason pending sales were down is because there is no inventory out there to sell.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN DECEMBER?
In December there were 361 ACTIVE listings in the Seattle real estate market.
In December 355 homes went PENDING.
Which means that 1 out of every 1.02 homes on the market went pending in December.
This 1.02 ratio implies a 1.02 month supply of inventory.
The 1.02 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 12 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 December there were 361 ACTIVE listings in Seattle.
The 361 ACTIVE LISTINGS IS AN ALL TIME RECORD LOW FOR SEATTLE INVENTORY.
The previous record low was 487 which was recorded in last month (November 2015)
The 361 ACTIVE listings is 74% under our 10 year average for December inventory.
Another way of looking at it is that we are only at 26% of our average inventory for this time of year.
The December ten year moving average for inventory is 1,373 ACTIVE listings.
Also if we compare December 2015 to December 2014 we will note that even though inventory was low in December 2014 (627) it was even lower in December 2015 (361). Inventory is down 43% vs 2014.
In the month of December the AVERAGE list price vs sales price for Seattle was 101%.
So the average home sold for 1% over the asking price.
This is the 11th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%
The AVERAGE days on market for a Seattle home was 28 days before they accepted an offer.
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 December
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.
Thank you,
Steve Laevastu
cell 206-226-5300
October 2015 was another GREAT MONTH FOR SELLERS IN SEATTLE!!
The median price of a Seattle home is at $542,000. The median price of a Seattle home has remained relatively constant over the past 6 months:
May 2015 = $550,000
June 2015 = $559,000
July 2015 = $560,000
August 2015 = $560,000
September 2015 = $551,000
October 2015 = $542,000
However, the median price is up 10% vs October 2014 when the median price was $491,000.
There were 726 pending sales in October, which is up 2% from twelve months ago when 710 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN OCTOBER?
In October there were 709 ACTIVE listings in the Seattle real estate market.
In October 726 homes went PENDING.
Which means that 1 out of every 0.97 homes on the market went pending in October.
This 0.97 ratio implies a 0.97 month supply of inventory.
The 0.97 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 10 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 709 ACTIVE listings in Seattle.
The 709 ACTIVE listings is 63% under our 10 year average for October inventory.
Another way of looking at it is that we are only at 37% of our average inventory for this time of year.
THE 709 ACTIVE listings is the 10th lowest month ever recorded. Slightly higher than the all time low which was set 10 months ago (January 2015) with 581.
Needless to say, the 709 ACTIVE October listings is the lowest number ever recorded for October in Seattle.
The October ten year moving average for inventory is 1,916 ACTIVE listings.
Also if we compare October 2015 to October 2014 we will note that even though inventory was low in October 2014 (1,061) it was even lower in October 2015 (709). Inventory is down 34% vs 2014.
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.
This is the 9th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%
The AVERAGE days on market for a Seattle home was 18 days before they accepted an offer.
The 18 days on the market is the 2nd lowest of all time. The lowest is 17 days on the market which occurred in May 2015.
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 October
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.
Thank you,
Steve Laevastu
cell 206-226-5300
sold@windermere.com