The Big Picture:
In the City of Seattle, properties under $1,000,000.
Single Family Homes:
The average sold price in July of 2015 was 7% higher than in July of 2014, and the total number of homes sold increased 6% year over year.
July 15′ sold price: $542,812 July 14′ sold price: $507,306
July 15′ # of sold homes: 739 July 14′ # of sold homes: 699
Average days on market: 15 days
Average List Price to Sales Price: 105%
The average sales price for condos jumped a whopping 25% year over year. The volume of condo sales also surged with a 24% increase over June of 2014. I suspect the increase in both number of condos sold and average price of condo sold is due to the lack of inventory of single family homes under $500,000. When the entry level market for homes tightens up and prices increase, it pushes many first time buyers into buying condos instead of single family homes.
July 15′ sold price: $412,093 July 14′ sold price: $332,586
July 15′ # of sold homes: 405 July 14′ # of sold homes: 245
Average days on market: 16 days
Average List Price to Sales Price: 102%
Homes under the average of $542,018:
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 🙂
This is where you can get the most bang for your buck in today’s market:
- $250,000 – $300,000 = Single Family houses in Shoreline (2 months supply of inventory)
- $300,000 – $400,000 = West Seattle single family houses (2 months supply)
- $400,000 – $500,000 = Southeast Seattle single family houses (5 months supply)
- $500,000 – $550,000 = Condos in Queen Anne and Magnolia (5 months supply of inventory)
The bad news 🙁
Do you want buy a single family home in any of the above neighborhoods? It’s tough going under $1million. EVERY single neighborhood has less than 1 months supply of inventory and homes are selling in less than 2 weeks and for an average of 107% of list price.
The market continues to tighten, and heavily favor the seller. Interest rates are fairly flat, and demand is still high. Hopefully the conclusion of summer will help slow the pace of sales and allow inventory to start to catch up with demand. But for now, it’s the same old story.