Seattle Housing Market Update – July Another Great Month For Sellers! However Is Inventory Finally Starting To Pick Up??

July was another great month for SELLERS in Seattle. However, the craziness slowed down a little bit in July.

The median price of a Seattle home is now $634,000.

The median price of a Seattle home is up 13% vs July of 2015 when the median price was $560,000.

There were 805 pending sales in July, which is up 5% from twelve months ago when 766 pending sales were reported.

SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN JULY?

In July there were 788 ACTIVE listings in the Seattle real estate market.

In July 805 homes went PENDING.

Which means that 1 out of every 0.98 homes on the market went pending in July.

This 0.98 ratio implies a 0.98 month supply of inventory.

The 0.98 ratio is a strong SELLER’S MARKET INDICATOR.

THE PAST 19 MONTHS HAVE SEEN THE BEST SELLER RATIOS EVER FOR SEATTLE ABSORPTION 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 July there were 788 ACTIVE listings in Seattle.

The record low was set 7 months ago (December 2015) with 361 ACTIVE listings.

The 788 ACTIVE listings is 57% under our 10 year average for July inventory.

Another way of looking at it is that we are only at 43% of our average inventory for this time of year.

The July ten year moving average for inventory is 1,846 ACTIVE listings.

Interestingly, if we compare July 2016 to July 2015 we will note that in July 2015 there were 674 ACTIVE listings. In July 2016 there are 788 ACTIVE listings. Therefore inventory is up 17% vs one year ago!! And Inventory is up 22% vs last month!!! IS INVENTORY FINALLY STARTING TO PICK UP???

 

In the month of July the AVERAGE list price vs sales price for Seattle was 103%.

So the average home sold for 3% over the asking price in July!!!

This is the 18th month in a row that the AVERAGE list price vs AVERAGE sales price has been at or over 100%

 

The AVERAGE days on market for a Seattle home in the month of July was 17 days before they accepted an offer.  The 17 days is the 3rd lowest number ever recorded in Seattle. The record is 14 days which was set in May 2016.

 

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 July.

  • Ravenna 110%
  • Bryant 110%
  • Wedgwood 108%
  • Maple Leaf 108%
  • Montlake 108%
  • Green Lake 107%
  • West Seattle 105%
  • Wallingford 104%
  • Laurelhurst 103%
  • Magnolia 103%
  • Capitol Hill 102%
  • Lake City 102%
  • Queen Anne 100%
  • Seward Park 100%
  • View Ridge and Hawthorne Hills 99%

 

THE CHART AND GRAPH BELOW ARE REAL ESTATE STATISTICS FOR THE CITY OF SEATTLE.

Graph_Aug_9th_2016

 

 

Chart_Aug_9th_2016

 

 

If you have any questions or if I can be of any assistance please contact me.

Thank you,

Steve Laevastu

cell 206-226-5300

sold@windermere.com

www.SeattleHomeGuy.com

Leave a Reply

Your email address will not be published.