Market Watch – November ’15

Instead of diving right into graphs and charts, here are a few tidbits of info that made me pause:

  1.  In all of Seattle, there are currently only 9 homes for sale for under $250,000.
  2. Shoreline used to be the land of the affordable homes and the great school districts.  For the first time ever, the average sold price of a single family home in Shoreline exceeded the half million dollar mark.
  3. Belltown has the most listings in the million dollar range, with 44 million dollar and over condos currently for sale.
  4. Single family homes in Capitol Hill and Central Seattle were selling in an average of 13 days most of the year, and in November homes sold in an average of 31 days.  That is a HUGE jump.
  5. In all of Queen Anne and Magnolia, there were no single family homes sold in November for less than $500,000.

Now for the data:

Single Family Homes in Seattle Under A Million Dollars:

sf av price

The average sold price is almost back up to the peak, being just $467 lower than the August annual high.  I had expected to see prices continue to drop a little like it did in November of 2014, but prices are continuing to climb.

numsfsold

The number of single family homes sold each month continues to decline.  I expect this trend to continue through the end of the year.

Condos in Seattle Under a Million Dollars:

condoavsold

Condos are seeing a continued downward trend in pricing.  The seasonal slowdown is likely the primary reason for this extended dip in prices.

numcondosold

As prices decline, so do the total number of condos sold.  I think the next 3 -6 weeks are going to be a good time to buy a condo at slightly under market value, since we are seeing lower prices, increased inventory and longer days on market.

Where are the good deals in this market?
  • Under $250,000 – Condos in Greenlake/Ballard/Fremont have 2 months of supply
  • $250,000 – $300,000 – Single Family houses in Beacon Hill have 2 months of supply
  • $300,000 – $350,000 – Single Family homes in SE Seattle have 2 months of supply
  • $350,000 – $400,000 – Single Family houses in Beacon Hill have 3 months of supply
  • $400,000 – $450,000 – Condos in Belltown/Downtown have 2 months supply
  • $450,000 – $500,000 – WOW!  Condos in Belltown/Downtown have 8 months supply
Here is what the average prices look like around Seattle:

seattle prices

In conclusion:

It is still a sellers market, but we should see a bit of a correction towards a more balanced market through the end of the year.  With interest rates expected to jump, that will certainly have an impact on prices and sales volume as well.

 

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