Market Watch – October ’15

The Big Picture:

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

Single Family Homes:

The average sold price in October of 2015 was 9% higher than in October of 2014, and the total number of homes sold increased 8% year over year.

A look at the last 12 months of average sold price:
sf sold
We saw a big spike in August, and now the market seems to be making a seasonal correction in price.
How many homes are selling on average each month?
sf number
The total number of homes for sale would be much higher if Seattle had the inventory to support the demand.
Homes are also selling in very few days on the market:

sf dom

Condos:

The average sold price of a condo in October was $375,644.  Also down from a spike in August.

av prC
We are also seeing a large drop in the number of condos sold:
num c sold
We are still seeing a drop in the average days on the market:

dom condo

Homes under the average of $533,918:

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

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

  • $150,000 – $200,000 = Condos in North Seattle have 2 months supply of inventory
  • $200,000 – $250,000 = Condos in Greewood/Ballard/Greenlake have 2 months supply
  • $250,000 – $300,000 = Again, Condos in Greewood/Ballard/Greenlake have 3 months supply
  • $300,000 – $350,000 = Single family homes in SE Seattle have 4 months of inventory
  • $350,000 – $400,000 = Sadly, not a single area in Seattle has over 1 month of inventory in this price range.
  • $400,000 – $450,000 = Beacon hill single family homes have 2 months supply
  • $450,000 – $500,000 = SE Seattle single family homes have 4 months of inventory
The Most and Least Expensive Sales of October:

Sold for $108,000 on October 16th.

This two-bedroom, 2 bathroom condo in Boulevard Park seems like a screaming deal!  It sold in 39 days for 98% of the original list price.

108

This Madison Park home sold for 2.18 million on October 5th.

28

This home boasts 4,630 square feet, 4 bedrooms and 3.25 baths.  The pool and waterfall were as stunning as the freshly remodeled interior.  The home was on the market for 132 days and sold for 97% of the list price.

In conclusion:

So what do all these numbers really mean?   It means that we are dancing the same dance we have been for the past six months.  Little choices for buyers fueling average sold prices that exceed the list price, and homes selling in an average of under 2 weeks.  I expect the Holiday season to slow the pace a bit.  And if interest rates spike as they are predicted to do, we could see a lot of buyers forced out of the market, creating a bit less competition for the few quality listings that are available.

 

 

 

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