Market Watch – May 2017

Watch the Full Video Here:

 

A look at Single Family Homes:
  • Average sales price = $658,863  (the highest price ever recorded for the 4th consecutive month)
    • Up 1.6% from last month
    • Up 13% from April 2016
  • Average Days on Market = 10
    • LOWEST days ever recorded (for the second month in a row)!
  • Homes sold for 108% of list price
    • Same as last month
  • 684 homes sold in Seattle in March
    • Up 4% from May 2016
    • Up 28% from May 2017

Prices continue to climb.  Every single indicator that we track shows signs of the market continuing to heat up.  We have the shortest amount of days on market EVER, the highest sales price/list price ratio on record, and increasing number of homes sold.  It is so great to see an increase in the total number of homes sold!  The shortage of available homes to purchase is the primary factor driving prices and other metrics up.  If we continue to have more and more available homes for sale, we may see less dramatic price increases.

A look at condos:
  • Average sales price = $4445,301
    • Down 4% from April
    • An increase of 15% from May last year
  • Average Days on Market = 11
    • 3 days shorter than last month
  • Condos sold for 108% of list price
    • Up 1% from last month
    • Up 4% from this time last year
  • 306 condos sold in Seattle
    • 15% MORE condos than sold this time last year
    • 50% more condos sold than last month

Condo prices took a dip in May.  That is likely due to the huge increase in total number of condos that sold.  We still see really short time on market, and high sales price/list price ratio.  Just like with single-family homes, if we can continue to have more condos come up for sale, we will see a stabilization of prices.

In summary:

I have nothing new to say.  If you are selling in this market, you have the “pick of the litter”.  If you are buying, be prepared to battle with other buyers and present a strong offer.   I predict prices will continue to climb throughout the summer.

 

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