October 2017 Seattle Real Estate Market Update
Below is a rough transcript of this month's Seattle Real Estate Market Update Video.
Hi there. It's Aaron Janus, from the JanusGroup at RE/MAX Integrity. Welcome to our October 2017 Seattle real estate market update.
Here's a quick recap of the Seattle real estate market's recent activity, and where we find ourselves at the end of October.
This month we're going to try something a little different, and focus on seven specific statistics and how they are impacting the market. Today I'm going to be talking specifically about real estate activity in the city of Seattle.
We begin with available homes. There are 1,420 New Listings on the market this month, with 1,288 active listings in Seattle, and 1,074 homes under contract.
Now if we look at sold stats - there are 9,338 homes sold year to date in Seattle. This is down slightly, at around four percent, from the same time last year. This is nothing to be concerned about, because, as I discussed last month, the trends for the number of homes sold in Seattle is trending upwards over the last few years.
Moving on to Average Sale Price - we see that the average home is selling for $738,686 in Seattle. This is up 10 percent when compared to last year. Ten percent! And the average days on market continues to hover around eight, which is where it has been for roughly two and a half years. And last, but not least, we see that the available months of inventory is 1.3. This is an extreme seller's market, as we have seen now for a few years in Seattle.
Seattle homes are selling, and quickly, and we can see that a lack of inventory and an ever increasing demand is creating pressure in the market. As a buyer, you must be prepared to act quickly and make your best offer right out of the gate.
And as a seller, you need to prepare your listing for the market - make a few updates, paint, stage the home, and then use a professional photographer to really make the listing stand out from the crowd.
If you are curious about the value of your Seattle home, please click here to get started. We will create a free, no obligation Comparative Market Analysis for you that will give you an in-depth look at how your home compares to others in the neighborhood.
If you are a buyer, please send us an email, give us a call, or message us on Facebook. We would love to help you.
Until next time... Take care and Happy Halloween!
Aaron Janus, CRS, ABR