The Seattle real estate market is hot and not just because of the weather! Multiple offers continue to be the name of the game. For the 1,241 properties in Seattle that sold in June, the average days on market was 20. The average list to sales price ratio for residential solds was 104.27% while it was 102.341% for condos. This is indicative of multiple offers for both types of property around Seattle.
Here is a closer look at what is happening in the Seattle real estate market and some of its key neighborhoods.
Inventory and Pendings
The number of condos and homes for sale in Seattle was at 966 for June which is 36.3% lower than June of 2014. Usually as we get into the summer months, the number of homes on the market increases. However, with waning new homes coming on the market and the current inventory going under contract quickly, there aren’t enough homes for sale for the number of buyers.
Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing June 2014 and 2015.
Median Sales Prices
The median sales price for Seattle hit yet another new record in June of $507,750. I am seeing gains in the neighborhoods I track as well. Interest rates are still near 4% which is a slight rise from this winter/spring when Freddie Mac reported it as low as 3.59% (for the week of February 5th), but 4% is still a screaming deal and the buyers are out looking for any real estate for sale.
In fact, I have nine listings right now. They have all pended within an average of 15 days with the exception of a new one I put on the market just today in Ravenna. I expect it will go quickly and for multiple offers!
I would love to talk with you about your real estate investment goals or let you know where your home stands in relation to today’s market. Contact me – your Seattle Home Guy – at firstname.lastname@example.org or give me a call: (206) 226-5300.