Market Watch – August 15′

The Big Picture:

In the City of Seattle, properties under $1,000,000.

Single Family Homes:

The average sold price in August of 2015 was 12% higher than in August of 2014, and the total number of homes sold decreased 15% year over year.

August 15′ sold price: $558,820                  August 14′ sold price: $489,579

August 15′ # of sold homes: 578               August 14′ # of sold homes: 678

Average days on market: 19 days

Average List Price to Sales Price: 105%

Condos:

The average sales price for condos in July jumped a whopping 25% year over year, and in August jumped 42% .  Condos are increasing in prices in rates of more than double that of single family homes, and the volume of condos sold continues to outpace single family homes also.

August 15′ sold price: $439,335               August 14′ sold price: $309,926

August 15′ # of sold condos: 314             July 14′ # of sold condos: 243

Average days on market: 18 days

Average List Price to Sales Price: 101%

Homes under the average of $558,820:

If you are looking for a home under half a million dollars, these are your best bets based off of August sales numbers

This is where you can get the most bang for your buck in today’s market:

  • $150,000 – $200,000 = Condos in Ballard/Greenlake (2 months supply of inventory)
  • $200,000 – $250,000 = West Seattle single family houses (3 months supply)
  • $250,000 – $300,000 = Single family homes in North Seattle (2 months supply)
  • $300,000 – $350,000 = Condos in Belltown/Downtown (3 months supply)
  • $350,000 – $400,000 = Single family homes in Central Seattle (2 months supply of inventory)
  • $400,000 – $450,000 = Single family homes in Beacon Hill (2 months supply)
  • $450,000 – $500,000 = Condos in Capitol Hill/Central Seattle (5 months supply)
In conclusion:

It is still a sellers market.  Single family homes are slowing in volume of sales, and that is likely due to the rapid price increases and lack of inventory.  With fewer choices in the entry level of the market, and prices continuing to rise, many potential buyers are getting priced out of the market.  Due to the jump in single-family prices, many buyers are opting for condos.  That increased interest in condos is driving the rapid price increases and big jump in sales volume.

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