Seattle Market Watch – January 2018

Single Family Home Prices UP and Condo Prices Dip

(again)

Watch the full video here.

Single Family Homes:

  • Median Sales Price = $750,000
    • Up 7% from December
    • Up 22% from January 2017
  • Average Days on Market = 25
    • 6 days longer last month
  • Homes sold for 102% of list price
    • Same as last month
  • 403 homes sold in Seattle in January
    • Down 33% from December
    • Down 6% from 2017

Condos:

  • Median Sales Price = $475,500
    • Down 3% from last month
    • Up 9% from last year
  • Average Days on Market = 22
    • 4 days longer than last month
  • Condos sold for 104% of list price
    • Up 1% from last month
  • 104 condos sold in Seattle in January
    • 26% less condos than sold this time last year
    • 50% less condos sold than last month
In Conclusion:

  2018 will continue to be a year of strong price increases.  With the recent jump in interest rates, we may see a bit of smaller increase than our current double-digit increases, but lack of inventory and increasing demand will still keep our market in a pressure cooker situation and continue to drive prices up.

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