SEATTLE HOUSING MARKET UPDATE
September was another great month for SELLERS in Seattle, HOWEVER, inventory picked up and the frenzy pace slowed down!!
The median price of a Seattle home is now $607,000.
The median price of a Seattle home is up 10% vs September of 2015 when the median price was $550,000. Please also note, that the median price has dropped THREE MONTHS IN A ROW. Also note that the median sales price of $607,000 is the lowest median sales price since January 2016 when the median sales price was $585,000.
There were 802 pending sales in September, which is up 8% from twelve months ago when 750 pending sales were reported.
SO WHAT HPPENED TO SEATTLE REAL ESTATE IN SEPTEMBER?
In September there were 923 ACTIVE listings in the Seattle real estate market.
In September 802 homes went PENDING.
Which means that 1 out of every 1.2 homes on the market went pending in September.
This 1.2 ratio implies a 1.2 month’s supply of inventory.
The 1.2 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 21 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!!!
HOWEVER, THERE ARE SIGNS THAT INVENTORY IS STARTING TO CREEP UP!!
In September there were 923 ACTIVE listings in Seattle.
The record low was set 8 months ago (December 2015) with 361 ACTIVE listings.
The 923 ACTIVE listings is 52% under our 10 year average for September inventory.
Another way of looking at it is that we are only at 48% of our average inventory for this time of year.
The September ten year moving average for inventory is 1,938 ACTIVE listings.
Interestingly, if we compare September 2016 to September 2015 we will note that in September 2015 there were 778 ACTIVE listings. In September 2016 there are 923 ACTIVE listings. Therefore inventory is up 19% vs one year ago!!
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 in September!!!
This is the 20th 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 September was 20 days before they accepted an offer. 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 August.
- Ravenna 113%
- Seward Park 108%
- Wedgwood 104%
- Green Lake 103%
- Wallingford 103%
- Laurelhurst 102%
- Montlake 102%
- Ballard 102%
- Lake City 102%
- Magnolia 102%
- Bryant 101%
- Maple Leaf 101%
- West Seattle 101%
- Queen Anne 100%
- Capitol Hill 100%
- View Ridge and Hawthorne Hills 100%
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.