It can be tough to get around in Seattle and on the Eastside. As we add hundreds of people per week to our expanding city, and even more to the whole area, the problem is not going to go away anytime soon. More-flexible work schedules and people working from home will certainly help, but in the coming years, as Link light rail expands, the value of properties around those light rail stops were expected to go up. But now there is a study that substantiates that!
SEATTLE HOUSING MARKET UPDATE
May 2015 set more records for Seattle real estate!
The new report summarizing May activity shows year-over-year gains in pending sales, and prices.
The median price of a Seattle home is now A NEW ALL TIME RECORD $550,000 which is up 15% from one year ago when the median price of a Seattle home was $479,000.
There were 939 pending sales in May, which is up 16% from twelve months ago when 807 pending sales were reported.
SO WHAT HAPPENED TO SEATTLE REAL ESTATE IN MAY?
In May there were 661 ACTIVE listings in the Seattle real estate market.
In May 939 homes went PENDING.
Which means that 1 out of every 0.7039 homes on the market went pending in May.
This 0.7039 ratio implies a 0.7039 month supply of inventory.
The 0.7039 ratio is a strong SELLER’S MARKET INDICATOR.
THE PAST 4 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 May there were 661 ACTIVE listings in Seattle.
The 661 ACTIVE listings is 64% under our 10 year average for May inventory.
Another way of looking at it is that we are only at 36% of our average inventory for this time of year.
THE 661 ACTIVE listings is the 5th lowest month ever. Slightly higher than the all time low which was set five months ago (January 2015) with 581.
The May ten year moving average for inventory is 1,828 ACTIVE listings.
Also if we compare May 2015 to May 2014 we will note that even though inventory was low in May 2014 (995) it was even lower in May 2015 (661). Inventory is down 33% vs 2015.
In the month of May the AVERAGE list price vs sales price for Seattle was 104%.
So the average home sold for 4% over the asking price.
The 104% list price vs sales for Seattle TIED THE RECORD!!!
The 104% record was originally set last month (April 2015).
The past 2 months in a row have seen the average list price vs sales price in Seattle at 104%
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 May
- Wedgwood 113%
- Ravenna 113%
- Green Lake 107%
- Capitol Hill 106%
- Montlake 105%
- Ballard 105%
- View Ridge & Hawthorne Hills 104%
- West Seattle 104%
- Queen Anne 103%
- Magnolia 102%
- Beacon Hill 102%
- Seward Park 102%
- Lake City 101%
- Laurelhurst 100%
- Madrona 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.