Market Watch – June 2016

Very interesting stuff this month!

June 2016 Market Watch

Watch this brief video for an overview of the Market in June 2016

Single Family Houses:

We broke a new record!   The average sold price for a single family home in Seattle (under a million dollars) just broke into the $600,000’s.

  • The average sold price in June 2016 was $600,525
  • That is up 12% from June 2015
  • That is up 1.3% from May 2016
  • The average time on market was 13 days
  • Homes sold for an average of 106% of list price
  • 787 homes sold in June 2016 (down 5% from June 2015)
  • The average sold price in June 2016 was $447,821.
  • That is a 24% jump from June 2015
  • That is a 16% jump from May 2016
  • The average time on market was 13 days
  • Condos sold for 102% of list price

Some interesting notes:

If you look at resale condos (NOT new construction), the average sold price was $383,814.  We had 284 resale condos sell last month.  That means that over 25% of all condo sales last month were new construction.  With Insignia being over 90% sold, and several other smaller project reaching completion we saw a surge in new construction sales.

In conclusion:

Prices are still headed up, up and away.   The new construction units that are finally nearing completion aren’t doing much to satisfy that backlog of buyers, and both sales price and list price to sales price ratio are still high, indicating that we are still starved for inventory.

Single family homes continue to surge.  Prices have reached a new all-time high, are still selling for WAY over list price and in a really short amount of time.  With limited new construction in the single family sector (except for a few townhouse communities), we see the high demand and low inventory still drive the prices up.

I expect prices to continue to climb in July, August and September as buyers struggle to get the few available homes.  Interest rates are predicted to stay low at least through the end of the election, helping affordability, therefore driving more demand for homes.

June 2016 Extended

Watch the long-version Market Recap video here

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