A look at Single Family Homes:
- Average sales price = $582,242 (down from September average of $583,332)
- Average Days on Market = 16 (down from 18)
- Homes sold for 103% of list price (same as September)
- 655 homes sold in Seattle in October (up 6% from September)
We only saw a $1,090 price decrease in single family homes last month. And when you compare the average sold price to the same time last year, home prices are up 9%. We now have two consecutive months of price drops in homes in Seattle. Since prices are still up from last year, these small price changes from month to month seem to be more of an indicator that the market is reaching a leveling, and not the predicted “cooling”. Since we still have strong sales price to list price ratio, a short number of average days on market, and a consistent number of homes sold, I am going to boldly predict that we will have a more balanced real estate market for the next 4 – 6 months.
A look at condos:
- Average sales price = $427,026 (down 14% from September and up 13% from 2015)
- Average Days on Market = 30 (two days shorter than last month)
- Condos sold for 102% of list price (same as last month)
- 250 condos sold in Seattle in October (down 27% from last month and the same as last year).
We saw a pretty significant drop in condo prices and total number of condos sold. I attribute a lot of that to the fact that our two new, large-scale condo buildings have closed 90% of their units, so now the condos that are selling are all resale condos. Resale condos have a lower price-point that the new condos, therefore impacting our average sold price.
We can expect a lot of the same over the next 3 – 4 months. Prices for both condos and single family homes will likely grow 8-10% over the previous year, but see small month over month price growth. With the seasonal slowdown, it may be a good time to buy if you are looking for fair prices and limited competition.