The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. In November, the median sales price of a Seattle home continued to level out, dropping only 1%.
- The amount of homes for sale on the market dropped by about 20%, however that is in line with seasonal norms and market fluctuations as less people list their homes in November and December during the holiday season.
- Days on market edged up slightly, with Seattle homes now spending about a month on the market before accepting an offer.
- Due to the lack of new listings coming on the market, there was only 2.1 months of inventory (the amount of time it would take to sell all homes on the market if no new inventory were to come on.)
- Total closed sales volume was down 20% from the previous month and sharply from November of 2017. In Ballard, it was down by nearly 50%! Not as many homes sold and people pulling back in the holiday season can explain the lack of listings and sales.
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