Market Watch – June 2017

Another record-breaking high price for single family homes in Seattle!

Watch the Full Video Here.

A look at Single Family Homes:
  • Average sales price = $671,755  (the highest price ever recorded for the 5th consecutive month)
    • Up 2% from last month
    • Up 13% from June 2016
  • Median Sales Price = $735,000
  • Average Days on Market = 10
    • LOWEST days ever recorded (for the third month in a row)!
  • Homes sold for 107% of list price
    • Down from 108% last month
  • 777 homes sold in Seattle in March
    • Up 18% from June 2016
    • Up 24% from May 2017

Prices continue to climb, that is nothing new.  The interesting thing that happened in June was that we had a lot more homes SELL.  Although I don’t typically report on the number of new listings, it is interesting to note that we have more new listings in June than we have had since October 2016.  Since we can trace the rapidly increasing prices to a shortage of available homes for sale, we may be seeing an early indicator that prices may start to stabilize.

A look at condos:
  • Average sales price = $487,850
    • Up 9.5% from May
    • An increase of 9% from June 2016
  • Median Sales Price = $467,500
  • Average Days on Market = 11
    • same as last month
  • Condos sold for 108% of list price
    • Same as last month
  • 280 condos sold in Seattle
    • 19% fewer condos than sold this time last year
    • 8% less condos sold than last month

Condo prices went up this month, but condo prices still see a lot more up and down, especially month-to-month, than single family homes do.  Check out the average sold price over the last 18 months:

Since condo prices haven’t followed a consistent price trajectory, it is too soon to say if we are looking at a correction in condo prices.  We are still seeing high sales-price to list-price ratios, and condos selling for far above the list price.  I think our beloved condos will still continue to climb in prices when comparing year over year, but may have some ups and downs over the remaining months of 2017.

In summary:

It’s still a wild ride!  If we can continue to have more homes for sale, we might see some relief.   We are now in the middle of peak home-buying season, so I anticipate even if we have increased number of homes for sale, we will still face a very competitive market that favors the seller and forces buyers to be really aggressive in order to be the winning bidder.

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