After an extraordinary spring, summer has brought some transformation to the Seattle area market. We are now seeing less intensive bidding wars, and somewhat fewer offers overall on many homes. However, the market remains brisk—on par with last year for activity, with prices continuing to rise.
|Metric||Single-Family Homes||Condominium Homes|
|Month||Jul 2018||Jul 2017||Change||Jul 2018||Jul 2017||Change|
|New Listings||7,210||7,429||▽ 2.9%||1,369||1,414||▽ 3.2%|
|Pending Sales||5,786||6,015||▽ 3.8%||1,025||1,180||▽ 13.1%|
|Closed Sales||5,367||5,999||▽ 10.5%||1,004||1,139||▽ 11.9%|
|Days on Market||19||19||⋯ 0.0%||15||14||△ 7.1%|
|Med Sale Price||$507,510||$460,000||△ 10.3%||$370,000||$340,000||△ 8.8%|
|Avg Sale Price||$634,941||$572,438||△ 10.9%||$439,034||$394,309||△ 11.3%|
|Sale vs. List Price||101.3%||102.7%||▽ 1.4%||101.6%||103.7%||▽ 2.0%|
|Listing Inventory||1.9 mo.||1.8 mo.||△ 5.6%||1.4 mo.||1.2 mo.||△ 16.7%|
While this spring was somewhat busier than last year’s, the slight decrease in pace as of mid-summer shows activity returning to normal, but the market remains anything but slow! These data show a very slight increase in inventory (meaning that, in theory, it would take about 2 months to sell all the currently-listed houses and about a month and a half to sell the condos), but the market remains clearly in favor of sellers. On that note, the most significant changes in these metrics are the sale prices, which have increased about 10% in the past year—putting more dollars into sellers pockets and requiring larger loans and down payments for buyers.
There are factors that significantly affect how quickly a home sells, and for how much, which are more difficult to quantify into the sort of statistics shown above. I have seen that comparable properties which are smartly staged tend to sell quite a bit faster and for more money. In a competitive neighborhood (or condo community) where multiple, similar homes are on the market, setting the right asking price and staging the home to show at its very best can often determine which home will sell first. Furthermore, investing in the right upgrades (ranging from cosmetic to extensive) can help a home check off more items on buyers’ wish lists. I can help you discover what you can do to position your home as “the one that sells” in this complicated and competitive market. Call, text, or email me today for friendly real estate advice!