Seattle Market Watch – October 2017

All Prices UP in October!

Watch the video here.

A look at Single Family Homes:

  • Average sales price = $658,011
    • Up just $698 from last month
    • Up 13% from October 2016
  • Median Sales Price = $720,000
    • Up 1.5 1% from last month
  • Average Days on Market = 13
    • Same as last month
  • Homes sold for 104% of list price
    • Same as last month
  • 599 homes sold in Seattle in October
    • Down 2% from September
    • Down 8% from 2016
A look at condos:

  • Average sales price = $481,191
    • Up 1% from last month
    • Up 12% from October 2016
  • Median Sales Price = $467,500
    • Up 2% from last month
  • Average Days on Market = 12
    • Down from last months number of 15 days
  • Condos sold for 105% of list price
    • Down from 106% last month
  • 272 condos sold in Seattle in September
    • 1% more condos than sold this time last year
    • 10% more condos sold than last month
In summary:

THIS is the type of real estate market behavior I like to see!   We had very modest month-over-month increases in prices.  We had similiar number of homes and condos sell as we did this time last year.  I do wish that we were seeing homes sell for around 100% of list price, instead of the 104% and 105% we are still seeing.

  I suspect that our continued low inventory will keep impacting our real estate market.  My prediction is continued modest price growth through the Winter months, with the number of buyers still overpower the number of available homes for sale.   Brace yourself for a hot market, even in the cold months.

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