Seattle Market Watch – September 2017

Role Reversal!  Housing Prices UP and Condo Prices DOWN!

Watch the Full Video Here.

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
In summary:

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.

Leave a Reply

You must be logged in to post a comment.