In the last 12 months, the price for a single family home in Seattle has increased an average of $75,561.
Not much changed from December to January. Homes still sold for 102% of list price and in 22 days (on average). The average sold price went up $4,811 to $561,551.
What about Condos?
Now that is a different story:
Prices took a steep dive in late summer/fall, but have stayed fairly even through the winter months. The two other primary market metrics, days on market and list price to sale price ration, are holding strong at 24 days and 101% month over month.
The Sleepy Markets:
Condos in NW Seattle are the only properties that are showing a real softening of value. The average sold price was $245,636, making it the only neighborhood with an average sold price under $300,000. They also only sold for 98% of list price, making them the only market in Seattle selling for less than 101% of list price. With an average of 38 days on the market, this is also the slowest moving market in town. In my opinion, right now this is our neighborhood with the best deals.
Condos, on average, are seeing less madness than single family homes. We have more supply, longer days on market, and they are selling for much closer to list price than single family homes. I expect this trend will shift as the average price of a single family home keeps increasing, forcing more entry level buyers to chose condos over single family.
Why they call us a Boom-Town:
Ballard/Greenlake is the neighborhood that has been on FIRE all year. The average sold price of a single family home (that includes townhouses) has jumped $40,220 in just 4 months! FOUR MONTHS! Homes are selling in just 14 days, for 104% of list price and the average sold price of a home is $631,078. The only other two neighborhoods that have higher average selling prices are Queen Anne and Capitol Hill. The Ballard/Greenlake neighborhood sold 64 homes last month! That is more than any other neighborhood and over twice what sold in other areas of Seattle.
We saw a seasonally average dip in the total number of homes and condos that sold in January, but most neighborhoods still saw a higher volume of sales this January over January 2015. Prices are still rising, homes are still selling fast and for over list price (except for condos in NE Seattle) and our inventory is still really low. Unless we have a major interest rate hike, a surge in new construction (and where would they build?? We are so dense already) or one of our major employers goes bust, I don’t see a drastic drop in the market anytime soon.