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