Market Watch – July 2016

It’s the best time of the month!  Time to look back at what happened in the Seattle Real Estate Market in July 2016.
July Market Stats

Watch the QUICK video here

Single Family Houses:

Prices softened a little bit in July compared with the previous month.  We also saw a small increase in the average days on market and a smaller sales price to list price ratio.

  • The average sold price in July 2016 was $584,962
  • That is up 8% from July 2015
  • That is down 2.5% from June 2016
  • The average time on market was 14 days
  • Homes sold for an average of 104% of list price
  • 654 homes sold in July 2016 (down 15% from July 2015)
Condos:

Condo prices continue to climb.  Days on market and sales price to list price ratio continued to stay strong.  In the month of July, condos showed much stronger sales numbers than single family homes, although the total volume of condos sold is still down 15% from this time last year.

  • The average sold price in July 2016 was $462,924
  • That is up 12% from July 2015
  • That is up 3%  from June 2016
  • The average time on market was 13 days
  • Condos sold for 102% of list price
  • 345 condos sold in July 2016 (down 15% from July 2015)
In conclusion:

We still have an inventory issue.   The biggest shock for me this month, was that the total number of sales is down 15% across ALL types of housing when compared to July 2015.   Single family prices softened a bit from last month, but are still up significantly from this time last year.  Condos continued to climb in all metrics.   Until we either have a large increase in homes and condos for sale, or we have an economic downturn, we should continue to see a tight housing market.

I want you to read this article:

Will Seattle Become The Next San Fransisco?

This Times Real Estate writer wrote a FANTASTIC, data driven article that address the often unspoken concern that Seattle real estate will soon be unreachable for most of our residents.  Fear not Seattle, we have our own identity.  Prices may be on the rise, but the facts suggest that we will still be more “affordable” than San Fran for the coming decades.

Want the extended data and my predictions and ramblings?   Watch the extended market watch video here.

#QTT - July 16' Stats

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