A look at Single Family Homes:
- Average sales price = $639,811
- Up 2% from last month
- Up 9.5% from March 2016
- Average Days on Market = 19
- 6 days shorter than last month
- Homes sold for 106% of list price
- Up 2% from February
- 581 homes sold in Seattle in March
- Up 19% from March 2016
- Up 64% from February 2017
Single family homes continue to have increased average sold prices. Each metric (average days on market, average sold price and list price to sale price ratio) are trending up. A recent statement from the NWMLS tells us that 75% of homes are selling in under 10 days. That indicates that most of our desirable homes are selling on or before the offer review date, and in a lot of cases for over 110% of list price.
A look at condos:
- Average sales price = $4447,216
- A decrease of 1% from February
- An increase of 12% from March last year
- Average Days on Market = 17 (5 days shorter than February)
- Condos sold for 107% of list price
- That is up 2% from last month and 3% from last year!
- 212 condos sold in Seattle
- That is 18% less condos than sold this time last year
Condo prices took a small dip from last month, but price growth year-over-year continues to outpace single family homes. Since the entry level buyer is getting priced out of the single family home market, more and more demand is shifting to condos. Combine that with the influx of new residents to Seattle that move here for the urban and walkable lifestyle, I believe the demand for condos will continue to grow over the next 12 – 18 months.
Prices are still climbing for single family homes, but we now see a pattern of single-digit increases and that is a possible sign of increased stability. With over 1,000 people moving into the Seattle area each WEEK, it is likely that we will still see high demand. The recent increase of interest rates and the anticipated 3 – 4 additional rate hikes this year may help slow price growth. The flip side of increasing prices and interest rates is that it pushes even more people out of the real estate market, especially in the entry-level homes.