Role Reversal! Housing Prices UP and Condo Prices DOWN!
A look at Single Family Homes:
- Average sales price = $657,313
- Up just $565 from last month
- Up 13% from September 2016
- Median Sales Price = $710,000
- Down 1% from August
- Average Days on Market = 13
- Same as last month
- Homes sold for 104% of list price
- Down from 106% in August
- 612 homes sold in Seattle in September
- Down 15% from August
- Same as September 2016
A look at condos:
- Average sales price = $476,244
- Down 2% from last month
- Down 3% from September 2016
- Median Sales Price = $457,500
- Down 3% from last month
- Average Days on Market = 15
- WAY up last months number of 11 days
- Condos sold for 106% of list price
- Down from 107% last month
- 248 condos sold in Seattle in September
- 18% fewer condos than sold this time last year
- 6% less condos sold than last month
Single family prices down for THREE months in a row! Now this is a trend I can get behind. The even better part of that news is that the price dips were very small! This is a trend that indicates our market is hitting a point of stabilization. We are still seeing really high year-over-year increases, and that indicates that our market is still robust and healthy.
Condo prices are down. Not only month-over-month, but year-over-year. Condo prices see a lot more fluctuation than single family homes do, but still this trend is putting up some red flags for me.
I’m going to call it. I think we have hit the point where prices are going to see very minimal increases or decreases over the next 6 months. We may even see a trend that is a bit less chaotic for the buyers and a bit less favorable for the sellers.