A look at Single Family Homes:
- Average sales price = $626,418
- Up 8% from last month
- Up 7% from February 2016
- Average Days on Market = 25
- One day shorter than last month
- Homes sold for 104% of list price
- Up 2% from January
- 354 homes sold in Seattle in January (same as last year)
We saw a drastic price increase month-over-month, yet we had another single-digit price increase when we look at year over year prices. The average sales price of $626,418 is a RECORD HIGH price for homes in Seattle. Combing record high prices with shorter days on market, and increased sales price to list price ratio, we are still in a frenzied market. Although it is not possible to track the number of homes that received multiple offers, we can assume that homes that sold in less than one week had an offer review date and received more than one offer. The percentage of homes that sold in less than a week was over 70%, so I am making an educated guess that about 75% of the homes sold last month had multiple offers.
A look at condos:
- Average sales price = $452,686
- An increase of 2.5% from January
- An increase of 13% from February last year
- Average Days on Market = 22 (9 days shorter than January)
- Condos sold for 105% of list price
- That is up 3% from last month and last year!
- 166 condos sold in Seattle
- That is 24% less condos than sold this time last year
With single-family homes now priced out of affordability for a lot of Seattle home buyers, condos are seeing an incredible increase in both prices and demand. Every metric that I track indicates that condos are in even higher demand than single-family homes, and that competition for the few available condos is fierce.
Buckle up kids, it’s a wild ride. Sellers are still in charge, and buyers need to have a really solid plan to win in this competitive market. The Feds are rumored to increase interest rates again this month, so that may cause the market to have a bit of relief as the buyers that were right on the edge of affordability may be priced out of the market if we have a significant mortgage rate increase.