Seattle Market Watch – November 2017

 

Single Family Homes SHATTER Prior Records.

Watch the video here.

A look at Single Family Homes:

 

  • Median Sales Price = $727,000
    • Up 1% from last month
    • up 21% from 2016
  • Average Days on Market = 17
    • Up from 13 days
  • Homes sold for 103% of list price
    • Down from 104% last month
  • 695 homes sold in Seattle in November
    • Up 16% from October
    • Up 7% from 2016
A look at condos:

 

  • Median Sales Price = $450,000
    • Down 4% from last month
    • Up 8% from 2016
  • Average Days on Market = 18
    • Up from 12 days last month
  • Condos sold for 103% of list price
    • Down from 105% last month
  • 237 condos sold in Seattle in September
    • 2% less condos than sold this time last year
    • 13% less condos sold than last month
In summary:

The fact that single family homes had a 21% year-over-year price increase still has me in shock.  I was so convinced that 21% was impossible, that I pulled the number three different times.   Yup.  We did have the largest jump in year-over-year prices I have ever seen.  That’s the bad news.  The good news is that we only saw a 1% increase in prices from month to month.

We did see homes stay on the market for longer and sell for closer to the list price than we have during the rest of 2017.  I think that December will continue to see a decrease in number of homes sold as we get into the deepest part of our Holiday slowdown.   I suspect that the buyers and sellers will come out of hibernation in mid January and we will see a spike in both number of homes sold and sales price to list price ratio.

Leave a Reply

You must be logged in to post a comment.