The real estate article I read in todays’ Seattle Times Newspaper states that Seattle now ranks 4th in fastest growing cities out of the top 20, as reported by the 20-City S & P CoreLogic Case-Shiller Index. Seattle grew 7.3% from October, 2017 through October, 2018. We lagged behind Phoenix, San Francisco and Las Vegas. However, if Seattle is the 4th of the 20 cities studied that means we’re still one of the fastest growing cities in America.
Yes … Seattle is experiencing a “Shift” in the market away from a pure Sellers Market and more towards a Balanced Market. Historically, a Balanced Market included 5 to 6 months of inventory. I researched the condominium market on Capital Hill yesterday, specifically zip codes 98102, 98112, and 98122. In November, 2017 there were 20 condominiums available for sale. There were 71 condominiums available for sale in November, 2018. A 355% increase. The average sales price was $661/square foot in November of 2017 and $697/square foot in 2018, a 5.5% increase. In November of 2017 there were 0.40 months of inventory on the market. In November of 2018 there were 2.30 months of inventory on the market. 2.30 months of inventory is still very low compared to a balanced market of 5 – 6 months.
That same CoreLogic Cass-Shiller Report indicated sales prices in Seattle have dropped 11% in the six months ending in November of 2018. So, what does that mean to Sellers and Agents? Sellers need to be educated with the most recent comparable sales prices to determine the proper List Price. Agents need to help their clients properly prepare their homes for sale to attract the greatest number of Buyers during the first few weeks the home is on the market.