Summer is beautiful in the Pacific Northwest and although we have had a rainy start to summer 2016, I have high hopes that the sun will come out and smile on Seattle in the coming weeks. Is this a weather prediction or just my joy at seeing that Felix is coming off the disabled list? We shall see! Let’s take a look at what happened in Seattle’s real estate market in key neighborhoods this past June: Continue reading
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.
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 May 2014 and 2015.
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!
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.
Listing Inventory
Below is a table comparing the number of active listings (supply) and pendings (demand) for several of the Seattle neighborhoods I specialize in: Central Seattle, Queen Anne / Magnolia, Belltown / Downtown, Ballard / Greenlake, and North Seattle. We are comparing April 2014 with April 2015.
Homes in the Seattle market are selling like hotcakes this spring. The last few homes I have listed have sold very very quickly. I currently have three listings on the market – one is just coming on today in Ravenna (NWMLS #785368 – a 1,860 square foot remodeled home with Mt. Rainier views priced at $650,000), one in Whittier (NWMLS #781505 – a 1,880 square foot Cape Cod priced at $500,000 and on the market 7 days), and one in View Ridge (NWMLS #781486 – a 3,280 square foot Mid-Century Modern with a view of the lake and mountains priced at $1,200,000 and on the market for 11 days). I expect they will all sell in a matter of days.
Median Sales Prices
Median Sales Prices continue to creep up due to the inventory shortage which I predict will continue as long as our population is on the rise due to Seattle’s strong economy and there isn’t enough new construction to satiate the demand.
Below are the median sales prices for the neighborhoods I track, comparing April 2014 with April 2015. There are significant price increases in Queen Anne / Magnolia, Ballard / Greenlake, and North Seattle. Central Seattle and Belltown/Downtown have a number of condominium sales which are a slightly different animal than the predominantly residential sales we see throughout the rest of the city.
This spring and summer is turning out to be one of the best times to sell in years. Once interest rates start rising, however, those trends may change. If you would like to know where your home stands in relation to the market, please give me a call or send me an email: (206) 226-5300 or sold@windermere.com. Don’t look back and say, “If only we had sold then” Now might be your moment!
Although many homes in Seattle come equipped with a garage and driveway, there are many homes in the older neighborhoods which are not so lucky, leaving neighbors vying for coveted curb space. Additionally, if you are a couple purchasing a condo in the Downtown area, the condo may come with a parking spot in the garage for a single vehicle, but perhaps not two. Therefore if you are buying in Seattle, thinking about what you are going to do about parking if your home or condo doesn’t come with enough spots to park your car is something that should indeed be on your mind.
We have forces working both for the parking-challenged and against them at the moment. With more micro-housing being built in Downtown which attracts Millennials who may be more likely to take advantage of public transportation, the parking problem may be alleviated in some areas. However, with more people moving to Seattle, that is going to make the overall problem a bigger challenge.
In neighborhoods where neighbors vy for street parking in front of their own house, the introduction of a neighbor with yet another car to park can be a challenge. It is important to remember that no one owns the parking spots on the street and while it is courteous to allow people to park in front of their own homes, it is not the law, so don’t assume that if you purchase a home, the spot on the street is yours.
I have seen extra parking spots in condo complexes go for $15,000 and up, making this a large expense in addition to the property you may be purchasing – if there is one available.
My advice? Make sure you don’t overlook this critical component in buying a home or condo in Seattle. Make a plan if the home you are making an offer on doesn’t include parking. Contact me to learn more! Steve Laevastu: sold@windermere.com or give me a call: (206)-226-5300
2014 was another strong year in our market! Just how strong? Check out the numbers below!
Inventory of Listings
Below is a table comparing the number of NEW active listings (supply) and pendings (demand) for several Seattle neighborhoods: Central Seattle, Queen Anne/Magnolia, Belltown/Downtown, Ballard/Greenlake, and North Seattle (these numbers include single family residences as well as condos):
In Central Seattle, we saw both a drop in new active inventory along with homes under contract. Queen Anne/Magnolia saw a drop in new active listings along with a small drop in pendings (indicating this is still an area with high demand). Belltown/Downtown saw a large increase in new active listings which were mainly condo based. Inventory was absorbed quickly with Belltown/Downtown sporting both the largest swing in new active listings and new pendings.
Ballard/Greenlake saw both a slight increase in new active listings along with pendings while North Seattle continued its high demand profile with a slight decline in new active listings and a slight increase in pendings.
Median Sales Prices
Median sales prices tell the story even further. It shouldn’t surprise you to see that median sales prices are up across the board in Seattle, ranging from 4.09% to 11.33%. Below are the median sales price averages for the neighborhoods I track comparing 2013 to 2014. Remember, these prices include both residences and condos.
Please contact me at sold@windermere.com or give me a call: (206) 226-5300 to learn more about what to expect for 2015!
Throughout the city, the number of active listings are on the rise, but so are the homes under contract!
Below are some examples of properties that have closed in the last two weeks and and the list to sales price ratio indicates they may have sold for multiple offers:
However, note that not all homes are selling for list price and for multiple offers! In fact, there are many homes in the MLS that have sold in the last 14 days that sold for 100% of list price or less. In the last two weeks, there have been 308 homes sold in Seattle and 103 condos. For the residences, 3 bedroom homes have commanded the highest list to sales price ratio of 103.66% while 5+ bedrooms are at an average of 99%.
Looking at condos, 4 bedroom condos were most in demand commanding an average list to sales price ratio of 100% (although there was technically only one sold).
Overall, the average list to sales price ratio for stand-alone residences is 102.45% while it is 99.73% for condos.
Therefore, if you are thinking of buying or selling, know that it is a competitive market and yes, some areas and price ranges are much more competitive than others. However, an agent who studies the market like I do will be able to provide you the information you need in order to make a great buying or selling decision.
Inventory of Listings
Below is a table comparing the number of active listings (supply) and pendings (demand) for several of our Seattle neighborhoods:
Median Sales Prices
Median Sales Price changes have increased in all the below areas year over year comparing May 2014 with May 2013:
You need an expert to keep up with the constant changes in this market. If you need information on your real estate investment, please contact me at sold@windermere.com or give me a call: (206) 226-5300.