Every now and then, a house comes along with features that are so distinctive and unique that it stands out. This Edmonds home, sitting high above the Puget Sound, has unobstructed views for miles. See bald eagles soaring over the incredible Pacific Northwest seascape. The interior of the home was designed to take full advantage! It has a sophisticated yet understated layout with high end features and fixtures. The light filled interior has a calm and comfortable feeling. This is a home with soul, a home that does the soul good!
seattle real estate market
The Market Update report is compiled from statistics from the NWMLS’ InfoSparks using data from City: Seattle and Area 705 Ballard/Greenlake. December is typically the slowest sales month of the year with the least amount of closings, so no surprises there. Almost all categories were down across the board, including active listings, sold homes and months of inventory. Days on market in Seattle continues to creep up, now at 38 days for Seattle and 33 days for Ballard.
Recently, interest rates have been trending down, against market predictions, so that should bring more buyers to the market as we start to ramp up again in January.
As always, please reach out to us if you have any real estate questions. If you’re thinking about selling your home, visit our Home Sellers page to see our services.
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.
Got questions about Seattle real estate? Give us a call at 206-965-8205.
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The Seattle and Ballard Market Update is a monthly update using information from NWMLS’ InfoSparks using data for sold residential and condominium homes in Seattle and the Ballard/Greenlake area.
What’s going on in the Seattle Real Estate Market?
You may have been hearing that Seattle’s real estate market has cooled off considerably, or that it’s now a “buyer’s market.” That’s not necessarily true. While inventory is up, it’s still not up enough to meet current demands. Houses are also on the market longer, but in Seattle, that average is still only 15 days. We still have less than 2 months of inventory across all of Seattle, and many experts consider a balanced market to be 4-6 months of inventory. A much greater shift would have to happen for it to swing in favor of buyers.
Still, that doesn’t mean that new opportunities for buyers haven’t come around. Generally, you’re going to see less of the crazy price appreciation and multiple offer situations that we saw in 2017, giving buyers more time to make decisions between homes, and allowing ample time for inspections and other due diligence tasks.
Looking to buy or sell a home in Seattle? We’re always here to help! Contact us at 206-965-8205 or drop us a note at firstname.lastname@example.org and let us know what you’re looking for. Our expert real estate agents are highly trained and experienced in Seattle area real estate.