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.
If you have any questions or if I can be of any assistance please contact me.