SEATTLE HOUSING MARKET UPDATE
January 2016 was another RECORD SETTING MONTH FOR SEATTLE REAL ESTATE!!!
The median price of a Seattle home is now $585,000. This is a new record.
The old record was set back in November 2015 at $576,000.
The median price of a Seattle home is up 17% vs January 2015.
There were 442 pending sales in January, which is down 15% from twelve months ago when 523 pending sales were reported. The reason pending sales were down is because there is no inventory out there to sell.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JANUARY?
In January there were 456 ACTIVE listings in the Seattle real estate market.
In January 442 homes went PENDING.
Which means that 1 out of every 1.03 homes on the market went pending in January.
This 1.03 ratio implies a 1.03 month supply of inventory.
The 1.03 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 13 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.
EPIC RECORD SETTING LOW INVENTORY!!!
In January there were 456 ACTIVE listings in Seattle.
The 456 ACTIVE LISTINGS IS THE SECOND LOWEST NUMBER EVER RECORDED.
The record low was set last month (December 2015) with 361 ACTIVE listings.
The 456 ACTIVE listings is 67% under our 10 year average for January inventory.
Another way of looking at it is that we are only at 33% of our average inventory for this time of year.
The January ten year moving average for inventory is 1,381 ACTIVE listings.
Also if we compare January 2016 to January 2015 we will note that even though inventory was low in January 2015 (581) it was even lower in January 2016 (456). Inventory is down 22% vs 2015.
In the month of January the AVERAGE list price vs sales price for Seattle was 101%.
So the average home sold for 1% over the asking price.
This is the 12th 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 26 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 January
- Montlake 109%
- Maple Leaf 107%
- Madrona 107%
- Green Lake 106%
- Ravenna 105%
- Wallingford 104%
- Ballard 103%
- West Seattle 103%
- Capitol Hill 102%
- View Ridge and Hawthorne Hills 101%
- Magnolia 101%
- Wedgwood 101%
- Bryant 98%
- Lake City 98%
- Seward Park 94%
- Laurelhurst zero closed sales in January
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.