Seattle Housing Market Update – December Epic Low Inventory

SEATTLE HOUSING MARKET UPDATE

 

December was another great month for SELLERS in Seattle.

 

The median price of a Seattle home is now $625,000.

The median price of a Seattle home is up 9% vs December of 2015 when the median price was $575,000.

Please also note that the median sales price for Seattle hit a record of $650,000 in June of 2016. Therefore, the median sales price has come down 4% since the peak in September.

 

There were 440 pending sales in December which is up 32% from twelve months ago when 333 pending sales were reported.

 

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN DECEMBER?

 

In December there were 392 ACTIVE listings in the Seattle real estate market.

 

In December 440 homes went PENDING.

 

Which means that 1 out of every 0.89 homes on the market went pending in December.

 

This 0.89 ratio implies a 0.89 month’s supply of inventory.

 

The 0.89 ratio is a strong SELLER’S MARKET INDICATOR.

THE PAST 23 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 December there were 392 ACTIVE listings in Seattle.

The record low was set 12 months ago (December 2015) with 361 ACTIVE listings.

 

The 392 ACTIVE listings is 67% under our 10 year average for December inventory.

Another way of looking at it is that we are only at 33% of our average inventory for this time of year.

 

The December ten year moving average for inventory is 1,172 ACTIVE listings.

 

Interestingly,  if we compare December 2016 to December 2015 we will note that in December 2015 there were 361 ACTIVE listings.  In December 2016 there are 392 ACTIVE listings.  Therefore inventory is up 9% vs one year ago!!

 

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 in December!!!

This is the 23rd 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 December was 24 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 December.

 

 

  • View Ridge & Hawthorne Hills 105%
  • Greenwood 105%
  • Ravenna 104%
  • Capitol Hill 104%
  • Wedgwood 103%
  • Bryant 103%
  • Green Lake 102%
  • Ballard 102%
  • Lake City 102%
  • Magnolia 102%
  • Maple Leaf 101%
  • Madrona 100%
  • Seward Park 100%
  • Wallingford 99%
  • Montlake 99%
  • Queen Anne 99%
  • West Seattle 99%
  • Laurelhurst had zero closed sales in December

 

 

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

 

Graph_Jan_9_2017

 

 

Chart_Jan_9th_2017

 

 

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 Housing Market Update

SEATTLE HOUSING MARKET UPDATE

 

August was another great month for SELLERS in Seattle.

The median price of a Seattle home is now $614,000.

The median price of a Seattle home is up 10% vs August of 2015 when the median price was $560,000.

 

 

There were 880 pending sales in August, which is up 24% from twelve months ago when 710 pending sales were reported. 

SO WHAT HPPENED TO SEATTLE REAL ESTATE IN AUGUST?

 

In August there were 742 ACTIVE listings in the Seattle real estate market.

 

In August 880 homes went PENDING.

 

Which means that 1 out of every 0.84 homes on the market went pending in August.

 

This 0.84 ratio implies a 0.84 month’s supply of inventory.

 

The 0.84 ratio is a strong SELLER’S MARKET INDICATOR.

THE PAST 20 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 August there were 742 ACTIVE listings in Seattle.

The record low was set 8 months ago (December 2015) with 361 ACTIVE listings.

 

The 742 ACTIVE listings is 59% under our 10 year average for August inventory.

Another way of looking at it is that we are only at 41% of our average inventory for this time of year.

 

The August ten year moving average for inventory is 1,817 ACTIVE listings.

 

Interestingly,  if we compare August 2016 to August 2015 we will note that in August 2015 there were 704 ACTIVE listings.  In August 2016 there are 742 ACTIVE listings.  Therefore inventory is up 5% vs one year ago!!

 

In the month of August the AVERAGE list price vs sales price for Seattle was 103%.

So the average home sold for 3% over the asking price in August!!!

This is the 19th 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 August was 17 days before they accepted an offer.  The 17 days is the 3rd lowest number ever recorded in Seattle. 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 August.

 

  • Laurelhurst 117%
  • Bryant 110%
  • Ravenna 107%
  • Montlake 105%
  • Maple Leaf 105%
  • Green Lake 105%
  • Ballard 105%
  • Seward Park 104%
  • Wedgwood 104%
  • West Seattle 103%
  • Wallingford 103%
  • Capitol Hill 103%
  • Lake City 103%
  • Queen Anne 101%
  • Magnolia 101%
  • View Ridge and Hawthorne Hills 100%

 

 

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

graph_sep_9th_2016

 

 

chart_sep_9th_2016

 

 

 

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 – July Another Great Month For Sellers! However Is Inventory Finally Starting To Pick Up??

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.

Continue reading

Seattle Housing Market Update – Seattle Sets New Record For Median Sales Price In February!

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

  • View Ridge and Hawthorne Hills 111%
  • Ravenna 110%
  • Laurelhurst 109%
  • Bryant 107%
  • Seward Park 107%
  • Green Lake 106%
  • Ballard 106%
  • Madrona 104%
  • Queen Anne 103%
  • Wedgwood 103%
  • Wallingford 103%
  • Magnolia 102%
  • Maple Leaf 101%
  • Capitol Hill 101%
  • West Seattle 101%
  • Lake City zero sales in February 2016

 

 

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

 

 

Graph March_8th_2016

 

 

chart_March_8th_2016_001

 

 

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