Market Watch – May 2016

Single Family homes prices are up, condo prices are down.

May 2016 Market Update

Watch this quick video for the May market activity recap.

Single Family homes:

In Seattle, when looking at homes that sold for under $1 million:

  • The average sold price was $592,789
  • That is a 1.8% increase from the average sold price in April 2016
  • That’s a 12% increase from May of 2015
  • We are at all all-time high of homes selling, on average, for 107% of the list price
  • We are at an all time low of 13 days on the market
  • 659 homes sold in May 2016
Condos:
  • The average sold price in May 2016 was $385,984
  • That is down $8,000 from April 2016
  • Prices have seen three consecutive months of price decreases
  • Condo prices are up 9% from May 2015
  • Condos are selling for 105% of list price
  • Condos are selling in 15 days, on average.
  • 274 condos sold in
Noteworthy Statistics:
  • The average sold price for a single family home now exceeds the peak of 2007.
  • Bumping Ballard (108%) out of the top spot, North Seattle single family homes sold for the highest percentage over list price, selling for an average of 111% of the list price.
  • Ballard and Greenlake still hold strong at the most homes sold in the month, this month selling 195 of total 659 homes sold in Seattle.
In conclusion:

It looks like the 2 month slump that single family homes had was just a seasonal slump.  Single family homes are back on the rise, selling is the shortest days on record and for the highest percentage over list price.  Any concerns I had over a new housing price decline are slowing slipping away.

In regards to condos, now that we have three consecutive months of price declines, we may be looking at a modest but ongoing decline in condo values.  If the sold price falls to less 100% or the condos start taking an average of 20+ days to sell, that will be a clear sign of a longer-term reduction in average sales prices.

It’s still a hot market.  More buyers than sellers, few desirable homes for sale, and continued low interest rates.  Hang on kids, this is a wild ride!

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