SEATTLE HOUSING MARKET UPDATE
The February real estate market continued to remain extremely hot for sellers!!
The new report summarizing February activity shows year-over-year gains in pending sales, and prices.
The median price of a Seattle home is now $490,000 which is up 9% from one year ago when the median price of a Seattle home was $450,000.
There were 604 pending sales in February, which is up 7% from twelve months ago when 565 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN FEBRUARY?
In February there were 589 ACTIVE listings in the Seattle real estate market.
In February 604 homes went PENDING.
Which means that 1 out of every 0.975 homes on the market went pending in February.
This 0.975 ratio implies a 0.975 month supply of inventory.
The 0.975 ratio is a strong SELLER’S MARKET INDICATOR.
The 0.975 ratio for Seattle is the BEST RATIO I HAVE EVER SEEN IN MY 28 YEARS AS A REALTOR.
It is slightly better than last month’s ratio of 1.02
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 February there were 589 ACTIVE listings in Seattle.
The 589 ACTIVE listings is 62% under our 10 year average for February inventory.
THE 589 ACTIVE listings is the 2nd lowest month ever. Slightly higher than the all time low which was set last month (January 2015) with 581.
The February ten year moving average for inventory is 1,554 ACTIVE listings.
Also if we compare February 2015 to February 2014 we will note that even though inventory was low in February 2014 (719) it was even lower in February 2015 (589). Inventory is down 18% vs 2015.
In the month of February the AVERAGE list price vs sales price for Seattle was 101%.
So the average home sold for 1% over the asking price.
Please see the graphs and charts below
If you have any questions or if I can be of any assistance please contact me.