SEATTLE HOUSING MARKET UPDATE
September 2015 was another GREAT MONTH FOR SELLERS IN SEATTLE!!
The median price of a Seattle home is at $551,000. The median price of a Seattle home has remained relatively constant over the past 5 months:
May 2015 = $550,000
June 2015 = $559,000
July 2015 = $560,000
August 2015 = $560,000
September 2015 = $551,000
However, the median price is up 10% vs September 2014 when the median price was $499,000.
There were 774 pending sales in September, which is up 9% from twelve months ago when 716 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN SEPTEMBER?
In September there were 778 ACTIVE listings in the Seattle real estate market.
In September 774 homes went PENDING.
Which means that 1 out of every 1.005 homes on the market went pending in September.
This 1.005 ratio implies a 1.005 month supply of inventory.
The 1.005 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 9 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.
In September there were 778 ACTIVE listings in Seattle.
The 778 ACTIVE listings is 62% under our 10 year average for September inventory.
Another way of looking at it is that we are only at 38% of our average inventory for this time of year.
THE 778 ACTIVE listings is the 10th lowest month ever recorded. Slightly higher than the all time low which was set 9 months ago (January 2015) with 581.
Needless to say, the 778 ACTIVE September listings is the lowest number ever recorded for SEPTEMBER in Seattle.
The September ten year moving average for inventory is 2,055 ACTIVE listings.
Also if we compare September 2015 to September 2014 we will note that even though inventory was low in September 2014 (1193) it was even lower in September 2015 (778). Inventory is down 35% vs 2014.
In the month of September the AVERAGE list price vs sales price for Seattle was 102%.
So the average home sold for 2% over the asking price.
This is the 8th 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 19 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 September
- Montlake 107%
- Capitol Hill 107%
- Ravenna 106%
- Wedgwood 105%
- Green Lake 105%
- View Ridge & Hawthorne Hills 104%
- Ballard 103%
- Magnolia 103%
- Queen Anne 102%
- West Seattle 102%
- Laurelhurst 101%
- Seward Park 101%
- Lake City 100%
- Madrona 99%
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.