SEATTLE HOUSING MARKET UPDATE
November was another great month for SELLERS in Seattle.
The median price of a Seattle home is now $600,000.
The median price of a Seattle home is up 4% vs November of 2015 when the median price was $576,000.
Please also note that the median sales price for Seattle hit a record of $650,000 in June of 2016. Therefore, the median sales price has come down 8% since the peak in September.
There were 627 pending sales in November which is up 7% from twelve months ago when 584 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN NOVEMBER?
In November there were 546 ACTIVE listings in the Seattle real estate market.
In November 627 homes went PENDING.
Which means that 1 out of every 0.87 homes on the market went pending in November.
This 0.87 ratio implies a 0.87 month’s supply of inventory.
The 0.87 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 23 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 November there were 546 ACTIVE listings in Seattle.
The record low was set 11 months ago (December 2015) with 361 ACTIVE listings.
The 546 ACTIVE listings is 64% under our 10 year average for November inventory.
Another way of looking at it is that we are only at 36% of our average inventory for this time of year.
The November ten year moving average for inventory is 1,533 ACTIVE listings.
Interestingly, if we compare November 2016 to November 2015 we will note that in November 2015 there were 487 ACTIVE listings. In November 2016 there are 546 ACTIVE listings. Therefore inventory is up 12% vs one year ago!!
In the month of November the AVERAGE list price vs sales price for Seattle was 101%.
So the average home sold for 1% over the asking price in November!!!
This is the 22nd 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 November was 21 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 November.
· Bryant 108%
· Wedgwood 106%
· Green Lake 106%
· Wallingford 103%
· Maple Leaf 103%
· Capitol Hill 103%
· Ballard 103%
· Ravenna 102%
· Seward Park 102%
· West Seattle 101%
· View Ridge & Hawthorne Hills 100%
· Queen Anne 100%
· Montlake 100%
· Magnolia 100%
· Laurelhurst 99%
· Lake City 97%
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.