Seattle Market Watch – July 2017

Finally!  Prices Went DOWN!!!!

Watch the Full Video Here.

A look at Single Family Homes:
  • Average sales price = $671,595  (a modest $160 less than in June)
    • Down $160 from last month
    • Up 15% from July 2016
  • Median Sales Price = $730,000
    • Down 1% from June
  • Average Days on Market = 12
    • Up from our record low of 10 days
  • Homes sold for 105% of list price
    • Down from 107% last month
  • 692 homes sold in Seattle in March
    • Down 11% from June
    • Up 6% from July 2017
A look at condos:
  • Average sales price = $483,696
    • Down 1% from June
    • An increase of 8% from July 2016
  • Median Sales Price = $462,000
    • Interesting that the median price is actually lower than the average price…
  • Average Days on Market = 11
    • same as last month
  • Condos sold for 106% of list price
    • Down from 108% last month
  • 244 condos sold in Seattle
    • 30% fewer condos than sold this time last year
    • 13% less condos sold than last month
In summary:

We have a shift.  It is a small shift.  And a one month change in metrics does not indicate a total turnaround of the market.  For the sake of our sanity and the affordability of our city, I hope that this is a shift that continues.  A stabilization in prices will help take some of the pressure off of the market and create a more traditional and healthy real estate market.

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