SEATTLE HOUSING MARKET UPDATE
Statistically March 2015 was the best month ever for SELLERS in the Seattle real estate market.
The new report summarizing MARCH activity shows year-over-year gains in pending sales, and prices.
The median price of a Seattle home is now $515,000 which is up 15% from one year ago when the median price of a Seattle home was $440,000.
There were 898 pending sales in March, which is up 24% from twelve months ago when 688 pending sales were reported. The 898 pending sales is the highest total since June 2006.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN MARCH?
In March there were 603 ACTIVE listings in the Seattle real estate market.
In March 898 homes went PENDING.
Which means that 1 out of every 0.6714 homes on the market went pending in March.
This 0.6714 ratio implies a 0.6714 month supply of inventory.
The 0.6714 ratio is a strong SELLER’S MARKET INDICATOR.
The 0.6714 ratio for Seattle is the BEST RATIO I HAVE EVER SEEN IN MY 28 YEARS AS A REALTOR.
The previous best was February 2015 with 0.975
SO THE PAST 2 MONTHS IN A ROW HAVE SET SEATTLE REAL ESTATE RECORDS FOR THE MOST IMPORTANT REAL ESTATE RATIO AVAILABE = MONTH’S SUPPLY OF INVENTORY.
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 March there were 603 ACTIVE listings in Seattle.
The 603 ACTIVE listings is 63% under our 10 year average for March inventory.
THE 603 ACTIVE listings is the 3rd lowest month ever. Slightly higher than the all time low which was set two months ago (January 2015) with 581.
The March ten year moving average for inventory is 1,618 ACTIVE listings.
Also if we compare March 2015 to March 2014 we will note that even though inventory was low in March 2014 (800) it was even lower in March 2015 (603). Inventory is down 25% vs 2015.
In the month of March the AVERAGE list price vs sales price for Seattle was 103%.
So the average home sold for 3% over the asking price. This is another all time Seattle real estate record. The previous record was 102% which happened in April, May and June of 2014.
Please see the graphs and charts below
If you have any questions or if I can be of any assistance please contact me.