Seattle Real Estate Market Update May 2014

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:

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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:

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Median Sales Prices

Median Sales Price changes have increased in all the below areas year over year comparing May 2014 with May 2013:

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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.

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