Market Watch – November 2016

Everyone is asking…  Did the election impact Seattle home sales?

nov-stats

Watch the video here.

A look at Single Family Homes:
  • Average sales price = $587,510 (up from October average of $582,242)
  • Average Days on Market = 18 (up from 16)
  • Homes sold for 102% of list price (down from 103% in October)
  • 649  homes sold in Seattle in October

There you have it.  No drastic changes.  Note that these numbers are not reflective of the general market behavior of the election, these numbers are a reflection of our collective assumptions of what would happen in the election.   December numbers will more accurately reflect behaviors that were driven by the election results.

A look at condos:
  • Average sales price = $408,262 (down 4.5% from October and up 16% from 2015)
  • Average Days on Market = 22 (eight days shorter than last month)
  • Condos sold for 101% of list price (down from 102% in October)
  • 241 condos sold in Seattle in November

Condos are still seeing crazy year-over-year price increases, but steep month-over-month price declines.  The rising interest rates are not expected to have the same impact on condos that they are on single family homes.

In summary:

Could the Seattle real estate market be shifting towards a more balanced environment?  We are now seeing single digit annual price increases for single family homes, and we have been for awhile.  The current spike in interest rates may also have a temporary slowing effect on real estate sales.  If I were to be so bold as to make a prediction, I would say that prices will continue to rise at about 6-8% year over year, and we will see homes start to sell closer to 100% of list price and have longer days on market. 

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