The market, as we have been feeling, has definitely slowed down. Sales are down, and people are spending less on houses, more on condos.
The Case-Shiller Index, which measures home values, came in at 145.93 for August, up 2.6% from August 2009.
The measurement of sales prices has as much or more to do with how much buyers spend as it does the value of a particular home – while home values have been stable in Seattle since the Spring of 2009, sales prices have been volatile, mostly due to low interest rates and the changing requirements of lenders.
Anyway: the data, for the three-month period from August 1 to October 31:
The average sales price for houses in Seattle is $479,449 – down 3.2% from the previous three months. The average market time is 57 days, up from 48 days; the average size is 1979 sf (184m²). The average sales price was 96.3% of list price, “down” from 96.5%. There were 1115 sales, down from 1708.
It is a clear buyer’s market in houses, with a 7.25 month supply of inventory.
For condos, the average sales price is $377,525 – up 4% from the previous three months. The average market time is 87 days, up from 72 days; the average size is 979 sf (91m²). The average sales price was 94% of list price, down from 95.6%. There were 363 sales, down from 599.
It is a strong buyer’s market in condos, with an 11.5 month supply.