The average price of a single family home increased $100,000 from February of 2015 to last month. 6 figures in 12 months. Technically, it went from $489,784 in 2015 to $584,251 last month, so it was only a $94,467 increase, but that doesn’t have the same shock value to it, now does it?
Single Family – 19% increase is average sold price in last 12 months
Condo – 18% increase is average sold price in last 12 months
Just when we thought the market couldn’t get any crazier…
For the first time in the last 8 years, every single market in Seattle is selling for at least 102% of list price. Shoreline has the largest list to sell ratio of 109% last month, and condos in almost all areas are seeing the most modest list to sales price ratio of 102%.
To balance that out, we saw an increased days on market for all neighborhoods last month. With the average days on market staying steady around the low teens, we have now seen most parts of Seattle move to 20+ days on market. This might be due to the fact that very little homes came on the market for sale in January and February, so those that sold were probably the few homes that had been lingering on the market.
All the hard data:
Since each neighborhood in Seattle moves a little differently from the others, it is unfair to make too many general “State of the Market” comments. Our neighborhoods range from an average sold price of $276,573 for condos in NW Seattle to $663,170 for single family homes in Capitol Hill.
I love nothing more than real estate data. If you are one of the few people that really cares about this stuff, shoot me an email. I can provide you with the data for all 14 pockets of Seattle I research and even more in-depth reports on whatever area you are most interested. Or we can get coffee and drown in data together.
What it means to you:
If you are thinking about selling your home, it means you have all the power in the world. Not only will your home sell for top dollar, and in a short amount of time, but you will also have a bouquet of offers to choose from, allowing you to get the most favorable terms.
If you are thinking about buying, brace yourself. Be prepared to pay 5-20% over the list price, do most of your inspections and due diligence before you submit your offer, and be able to make decisions quickly. It’s not a market that is very easy for buyers right now, but with a good strategy and informed expectations, it is still possible to win and get a home.