Seattle Market Watch – February 2018

Single Family Homes AND Condos See Price Increases

Watch the video here.

Single Family Homes:

Median Sales Price Versus Average Sales Price:

The Median Sales price last month was $759,000.  The average sales price was $858,649

Note:
In real estate statistics, we often talk about the median sale price instead of the average sales price. In case you’ve forgotten your high school stats class, here’s the deal with median vs. average:
  • To get the average sales price, you add all sales prices together and divide by the number of sales.
  • To get the median sales price, you arrange all sales prices in order from lowest price to highest price. The one that sits in the middle of all sales is the median sales price. Half of all sales are higher than the median price and half are lower. 
Most real estate experts feel that the median sales price is a better indication of a typical sale than the average price because the average price can be skewed up by a small handful of multi-million dollar sales.
 

Just The Facts:

  • Median Sales Price = $759,000
    • Up 1% from January
    • Up 14% from February 2017
  • Average Days on Market = 16
    • 9 days shorter than last month
  • Homes sold for 108% of list price
    • 6% MORE than last month
  • 441 homes sold in Seattle in February
    • Up 9% from last month
    • Up 25% from 2017

Condos:

 
Median Sales Price Versus Average Sales Price:

The Median Sales price last month was $516,000.  The average sales price was $642,558.

Just The Facts:

  • Median Sales Price = $516,000
    • Up 8% from January
    • Up 17% from February 2017
  • Average Days on Market = 19
    • 3 days shorter than last month
  • Condos sold for 108% of list price
    • 4% MORE than last month
  • 175 condos sold in Seattle in February
    • Up 68% from last month
    • Up 5% from 2017

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