Seattle Housing Market Stats For October – RECORD SELLER’S MARKET CONTINUES!

Posted on November 7, 2015 by Steve Laevastu

SEATTLE HOUSING MARKET UPDATE

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 9^th 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 2^nd 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

Madrona 118%
Lake City 110%
Green Lake 105%
Ballard 105%
Wedgwood 104%
Capitol Hill 104%
Montlake 103%
Ravenna 103%
Magnolia 103%
West Seattle 103%
View Ridge & Hawthorne Hills 102%
Laurelhurst 102%
Queen Anne 99%
Seward Park 97%

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

www.SeattleHomeGuy.com

Seattle Housing Market Update – Historic Seller’s Market Continues!

Posted on October 10, 2015 by Steve Laevastu

SEATTLE HOUSING MARKET UPDATE

September 2015 was another GREAT MONTH FOR SELLERS IN SEATTLE!!

The median price of a Seattle home is at $551,000. The median price of a Seattle home has remained relatively constant over the past 5 months:

May 2015 = $550,000

June 2015 = $559,000

July 2015 = $560,000

August 2015 = $560,000

September 2015 = $551,000

However, the median price is up 10% vs September 2014 when the median price was $499,000.

There were 774 pending sales in September, which is up 9% from twelve months ago when 716 pending sales were reported.

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN SEPTEMBER?

In September there were 778 ACTIVE listings in the Seattle real estate market.

In September 774 homes went PENDING.

Which means that 1 out of every 1.005 homes on the market went pending in September.

This 1.005 ratio implies a 1.005 month supply of inventory.

The 1.005 ratio is a strong SELLER’S MARKET INDICATOR.

THE PAST 9 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 September there were 778 ACTIVE listings in Seattle.

The 778 ACTIVE listings is 62% under our 10 year average for September inventory.

Another way of looking at it is that we are only at 38% of our average inventory for this time of year.

THE 778 ACTIVE listings is the 10th lowest month ever recorded. Slightly higher than the all time low which was set 9 months ago (January 2015) with 581.

Needless to say, the 778 ACTIVE September listings is the lowest number ever recorded for SEPTEMBER in Seattle.

The September ten year moving average for inventory is 2,055 ACTIVE listings.

Also if we compare September 2015 to September 2014 we will note that even though inventory was low in September 2014 (1193) it was even lower in September 2015 (778). Inventory is down 35% vs 2014.

In the month of September 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 8^th 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 19 days before they accepted an offer.

Montlake 107%
Capitol Hill 107%
Ravenna 106%
Wedgwood 105%
Green Lake 105%
View Ridge & Hawthorne Hills 104%
Ballard 103%
Magnolia 103%
Queen Anne 102%
West Seattle 102%
Laurelhurst 101%
Seward Park 101%
Lake City 100%
Madrona 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.

Thank you,

Steve Laevastu

cell 206-226-5300

sold@windermere.com

www.SeattleHomeGuy.com

Market Price Often Determines Market Time

Posted on September 8, 2015 by Steve Laevastu

These days it is unusual to see a home lingering on the market three weeks after it is listed. However, even with the 299 residential listings that have sold since August 15, several of them were on the market for well over 30 days. As we take a closer look, many of these properties started out at much higher prices than they wind up selling for. In most cases, this is because the homes were not priced right in the first place, although sometimes it can be an indication of a short sale.

For the purposes of my analysis, I looked at homes between $500,000-$1,000,000 as there were many fixers below $500,000 and anything above $1,000,000 tends to be a longer market time anyway. There were 151 sales sold between $500,000-$1,000,000 between August 15-25, 2015. 17 of those homes were on the market 30 days or longer.

The days on market average for this group was 73 days with an original list price to sales price ratio of 92.8%. That means that if we look at the average, if a home had been originally listed for $700,000 and it sold for the average original list to sales price ratio, it would have sold for $649,600. Imagine you were this seller. How would you feel if you were now walking away with $50,000 less?

Here are a few of the more-challenging listings on the list of solds:

There was one home on the market for 226 days. It wound up only selling for 77.2% of original list price.
One home sold in 94 days. It wound up selling for 81.1% of original list price
There was also one that sold in 83 days for 88.9% of original list price.

For this same time period, evaluating the same price point and area, the average market time was 16 days.

In this market especially, it is critical to price your property right as soon as it hits the market. You are much better off to not price the home too optimistically. Instead, pricing it at or even slightly under market in a market like ours encourages more buyers to take a look and possibly multiple offers which will drive the price up. Don’t be tempted to overprice and if you interview an agent who says otherwise, I encourage you to get a second opinion.

I would love to share more information with you. Please give me a call at (206) 226-5300 or send an email to sold@windermere.com.

Seattle Real Estate Trends, July 2015

Posted on August 12, 2015 by Steve Laevastu

Usually we see Seattle real estate take a small breather in July. Not so this year. Although Seattle’s inventory has increased since its low point in January of 830, it has only increased 16.2% to 982 properties for sale in July. The number of homes under contract did decrease a bit to 1,122 from the high this year of 1,270 in May.

Here is a closer look at what is happening in the Seattle real estate market and trends for some its 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 July 2014 and 2015.

seattle-real-estate-trends-2015-07_01

All five of my listings are currently pending and were snapped up quick!

Ravenna Area Residential Listed at $800,000 – pended in 7 days
View Ridge Area Residential Listed at $550,000 – pended in 26 days
University District Area Residential Listed at $525,000 – pended in 9 days
Ravenna Area Residential Listed at $439,950 – pended in 19 days
Townhome in Shoreline Listed at $375,000 – pended in 7 days

Median Sales Prices

The median sales price for Seattle for residential and condos decreased very slightly last month to $506,050 from the previous high of $507,500 the month before. However, year over year, the median sales price is up 11.7% since last July when it was $453,150. I expect median sales prices to continue to increase through the rest of 2015 until we can satiate demand either through more homes on the market or a decrease in buyers (which could be imminent if interest rates rise).

seattle-real-estate-trends-2015-07_02

There is still time to sell if you want to take advantage of these market conditions. Things may start to change if the Federal Reserve increases interest rates in September (which, according to sources such as the Wall Street Journal, is likely to occur soon). Even if you are looking for an assessment of how your asset has appreciated, or may appreciate in the coming years, please contact me – your Seattle Home Guy – at sold@windermere.com or give me a call at (206) 226-5300.

Seattle Housing Market – July Sets New Seattle Median Sales Price Record $560,000

Posted on August 10, 2015 by Steve Laevastu

SEATTLE HOUSING MARKET UPDATE

July 2015 set more records for Seattle real estate!

The new report summarizing July activity shows year-over-year gains in pending sales, and prices.

The median price of a Seattle home is now A NEW ALL TIME RECORD $560,000 which is up 9% from one year ago when the median price of a Seattle home was $525,000.

There were 816 pending sales in July, which is up 11% from twelve months ago when 733 pending sales were reported.

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JULY?

In July there were 674 ACTIVE listings in the Seattle real estate market.

In July 816 homes went PENDING.

Which means that 1 out of every 0.8 homes on the market went pending in June.

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 7 MONTHS HAVE SEEN THE BEST SELLER RATIOS EVER FOR SEATTLE ABSORPTION 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 July there were 681 ACTIVE listings in Seattle.

The 674 ACTIVE listings is 65% under our 10 year average for July inventory.

Another way of looking at it is that we are only at 35% of our average inventory for this time of year.

THE 674 ACTIVE listings is the 8th lowest month ever recorded. Slightly higher than the all time low which was set 7 months ago (January 2015) with 581.

Needless to say, the 674 ACTIVE July listings is the lowest number ever recorded for JULY in Seattle.

The July ten year moving average for inventory is 1,944 ACTIVE listings.

Also if we compare July 2015 to July 2014 we will note that even though inventory was low in July 2014 (1143) it was even lower in July 2015 (674). Inventory is down 41% vs 2014.

In the month of July the AVERAGE list price vs sales price for Seattle was 104%.

So the average home sold for 4% over the asking price.

This is the 6^th month in a row that the AVERAGE list price vs AVERAGE sales price has been over 100%

Ravenna 109%
Wedgwood 106%
Laurelhurst 106%
Madrona 106%
Green Lake 105%
Ballard 105%
Beacon Hill 105%
View Ridge & Hawthorne Hills 104%
Montlake 104%
Lake City 104%
Queen Anne 103%
Magnolia 103%
Seward Park 103%
Capitol Hill 103%
West Seattle 102%

THE CHART AND GRAPH BELOW ARE REAL ESTATE STATISTICS FOR THE CITY OF SEATTLE.

July_Graph

July_chart

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

Seattle Real Estate Trends, June 2015

Posted on July 14, 2015 by Steve Laevastu

The Seattle real estate market is hot and not just because of the weather! Multiple offers continue to be the name of the game. For the 1,241 properties in Seattle that sold in June, the average days on market was 20. The average list to sales price ratio for residential solds was 104.27% while it was 102.341% for condos. This is indicative of multiple offers for both types of property around Seattle.

Here is a closer look at what is happening in the Seattle real estate market and some of its key neighborhoods.

Inventory and Pendings

The number of condos and homes for sale in Seattle was at 966 for June which is 36.3% lower than June of 2014. Usually as we get into the summer months, the number of homes on the market increases. However, with waning new homes coming on the market and the current inventory going under contract quickly, there aren’t enough homes for sale for the number of buyers.

2015-05-marketupdate-01

Median Sales Prices

The median sales price for Seattle hit yet another new record in June of $507,750. I am seeing gains in the neighborhoods I track as well. Interest rates are still near 4% which is a slight rise from this winter/spring when Freddie Mac reported it as low as 3.59% (for the week of February 5^th), but 4% is still a screaming deal and the buyers are out looking for any real estate for sale.

In fact, I have nine listings right now. They have all pended within an average of 15 days with the exception of a new one I put on the market just today in Ravenna. I expect it will go quickly and for multiple offers!

2015-05-marketupdate-02

I would love to talk with you about your real estate investment goals or let you know where your home stands in relation to today’s market. Contact me – your Seattle Home Guy – at sold@windermere.com or give me a call: (206) 226-5300.

Seattle Median Sales Price Sets NEW RECORD IN MAY!

Posted on June 14, 2015 by Steve Laevastu

SEATTLE HOUSING MARKET UPDATE

May 2015 set more records for Seattle real estate!

The new report summarizing May activity shows year-over-year gains in pending sales, and prices.

The median price of a Seattle home is now A NEW ALL TIME RECORD $550,000 which is up 15% from one year ago when the median price of a Seattle home was $479,000.

There were 939 pending sales in May, which is up 16% from twelve months ago when 807 pending sales were reported.

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN MAY?

In May there were 661 ACTIVE listings in the Seattle real estate market.

In May 939 homes went PENDING.

Which means that 1 out of every 0.7039 homes on the market went pending in May.

This 0.7039 ratio implies a 0.7039 month supply of inventory.

The 0.7039 ratio is a strong SELLER’S MARKET INDICATOR.

THE PAST 4 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 May there were 661 ACTIVE listings in Seattle.

The 661 ACTIVE listings is 64% under our 10 year average for May inventory.

Another way of looking at it is that we are only at 36% of our average inventory for this time of year.

THE 661 ACTIVE listings is the 5th lowest month ever. Slightly higher than the all time low which was set five months ago (January 2015) with 581.

The May ten year moving average for inventory is 1,828 ACTIVE listings.

Also if we compare May 2015 to May 2014 we will note that even though inventory was low in May 2014 (995) it was even lower in May 2015 (661). Inventory is down 33% vs 2015.

In the month of May the AVERAGE list price vs sales price for Seattle was 104%.

So the average home sold for 4% over the asking price.

The 104% list price vs sales for Seattle TIED THE RECORD!!!

The 104% record was originally set last month (April 2015).

The past 2 months in a row have seen the average list price vs sales price in Seattle at 104%

Wedgwood 113%
Ravenna 113%
Green Lake 107%
Capitol Hill 106%
Montlake 105%
Ballard 105%
View Ridge & Hawthorne Hills 104%
West Seattle 104%
Queen Anne 103%
Magnolia 102%
Beacon Hill 102%
Seward Park 102%
Lake City 101%
Laurelhurst 100%
Madrona 97%

THE CHART AND GRAPH BELOW ARE REAL ESTATE STATISTICS FOR THE CITY OF SEATTLE.

June_2011_Graph

June_2015_chart

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

Seattle Real Estate Trends, May 2015

Posted on June 11, 2015 by Steve Laevastu

Just how low can our inventory go? According to the Northwest Multiple Listing Service (NWMLS), our the number of homes (residential and condos) available for sale in the City of Seattle was only 992 in May. Although this isn’t the lowest it has been in the last 10 years (the lowest was 836 in January, 2015), this is the lowest inventory in a May since 2005 by a longshot. The second closest May had 1,451 listings in 2013.

Here is a closer look at what is happening in Seattle and some key neighborhoods:

Inventory and Pendings

While Seattle’s inventory is waning, the demand, measured by homes under contract or pendings, is on the rise. Seattle has 1,330 homes under contract in May, which is again the highest number on record for a May. The only other month that had more pendings in the last 10 years was March, 2005 with 1,362.

marketupdate-may2015-1

Median Sales Prices

Seattle hit a new median home sales price record in May at $482,500. This is a 9.67% change from May of 2014. The neighborhood report below is a bit of a mixed bag, even showing some losses, but also some big gains!

marketupdate-may2015-2

I would love to talk with you about your real estate investment goals or let you know where your home stands in relation to today’s market. Contact me at sold@windermere.com or give me a call: (206) 226-5300.

Seattle Average House Price – Depends On How You Look At The Stats!

Posted on April 26, 2015 by Steve Laevastu

Below is the graph and chart for the AVERAGE Seattle house price over the past 10 years

Seattle_10_Year_Avg Graph

Now there are many ways you can interpret this data and graph.

The average Seattle home price through the first 3 months of 2015 is $558,033
The average Seattle home price is up 21% vs 2014.
The average Seattle home price from 2013 to 2014 increased only 2%
The average Seattle home price over the past 10 years has increased 11%. So only an average of 1% a year since 2005.
The average Seattle home price has increased 96% since 2011. Or 24% a year since 2011.
The average Seattle home price is virtually the same as it was since 2008. Therefore we have not seen any appreciation since 2008 – However, a lot has happened since then!!