Market Watch – April 2017

Watch the Full Video Here:

 

A look at Single Family Homes:
  • Average sales price = $648,152
    • Up 1% from last month
    • Up 11% from March 2016
  • Average Days on Market = 11
    • LOWEST days ever recorded!!!!
  • Homes sold for 108% of list price
    • HIGHEST percentage yet!
  • 533 homes sold in Seattle in March
    • Down 6% from April 2016
    • Down 8% from March 2017

Another record breaking month!   The biggest thing to note is that the total number of homes sold is DOWN, and that is one of the key factors that are driving prices and list price to sales price ratio up.

A look at condos:
  • Average sales price = $463,572
    • Up 4% from March
    • An increase of 18% from April last year
  • Average Days on Market = 14
  • Condos sold for 107% of list price
    • Same as last month
  • 203 condos sold in Seattle
    • That is 24% less condos than sold this time last year

Condo prices are still up.  They haven’t beat the all time historic high of $492,147 that we saw in September 2016.  With houses scarce and the average price now outside of the affordability of a lot of Seattle, condos will continue to see increased demand and rising prices.

In summary:

It is home buying season!   We had a dip in mortgage rates in late March and early April and that helped drive demand even higher.  Sadly, until we see a significant increase in the number of available homes for sale, I suspect we will continue to see fierce competition and rapidly increasing prices.

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