It’s been another banner month for Seattle real estate. The big news this week is that the King County median price for a single family home just surpassed half a million dollars. While that may be big news for King County, that happened in Seattle proper over a year ago.
My inner data nerd does a dance of joy on the 5th of every month when I get to track the prior months real estate sales activity. Ready for it???
The Big Picture:
In the City of Seattle, properties under $1,000,000.
Single Family Homes:
The average sold price in June of 2015 was 7% higher than in June of 2014, and the total number of homes sold increased 3% year over year.
June 15′ sold price: $536,247 June 14′ sold price: $502,170
June 15′ # of sold homes: 785 June 14′ # of sold homes: 758
Average days on market: 15 days
Average List Price to Sales Price: 105%
The average sales price for condos jumped a whopping 11% year over year. The volume of condo sales also surged with a 30% increase over June of 2014.
June 15′ sold price: $359,142 June 14′ sold price: $325,371
June 15′ # of sold homes: 298 June 14′ # of sold homes: 229
Average days on market: 23 days
Average List Price to Sales Price: 103%
Homes under the average of $536,000:
Looking to buy a home that’s a bit, ummm, more affordable? Since most of my clients are first-time buyers, I keep a hawks eye on that price range. Here is the good news and the bad news:
The good news 🙂
In SE Seattle, there are still a fair amount of single family homes under $350,000. At two months supply of inventory, it is the part of Seattle that still has the most options and the least competition for homes under $350,000. Homes are selling in 23 days (far slower than the Seattle average of 15 days), but they are still selling for an average of 105% of list price.
In the Queen Anne/Magnolia part of town, there are still some great condos to be had under $300,000. Although condos in those neighborhoods are selling quickly (in 12 days), and selling for an average of 103% of list price, the area still offers more choices and fewer sales than other Seattle neighborhoods, boasting 2 months supply of inventory.
The bad news 🙁
Want to live in Ballard, Greenlake, Fremont, Greenwood or Northwest Seattle? Looks like so does everyone else. These areas suffer from an extreme lack of inventory, with less than one months supply of available homes in all price ranges. For example, homes in Ballard are selling in a record short time of just 9 days, and selling for 106% of list price. Rumors of homes receiving dozens of offers and selling for $100,000 or more over the list price are more common than not these days. If you are in search of home in NW Seattle, be prepared to make the strongest offer possible and to do so very quickly.
Every single neighborhood, in every single price range homes are selling quickly and for above the list price. Interest rates have been bouncing around, but not with a large enough increase to deter most of the buyers that are currently in the market. Job growth, population increases and continued optimism of the local real estate market keep fueling buyers, and that is what is driving this very tight market. Current home owners are enticed to sell their homes because of recent price increases, but also fear not being able to find a new home for themselves in this fast-paced and seller driven market.
Stay strong Seattle. It is still possible to buy or sell. You just need to have thick skin, be quick on your feet, and partner with an agent that will be able to navigate this wild ride with you :).