According to the Northwest Multiple Listing Service, there were only 12 sales of single family homes in September of 2015. Inventory levels at the end of September were at almost 3 months’ worth of supply, much higher than the one month’s worth or less that has been the standard for most of this year. There is an unusually high number of homes priced over $1 million currently on the market. Time will tell if pricing is starting to stabilize. From an anecdotal viewpoint, fewer people tend to actively look for homes in August so we will see whether sales pick up into the fall. All indicators, including number of sales, median sales price, and list-to-sales-price ratio, were up in August of 2015 compared to a year earlier. However, September is a different story. The median sales price in September was up on a yearly basis ($705,000 compared to $691,000 in September 2014), but the number of sales was half of what it was a year ago (12 sales in 2015 compared to 24 in September 2014). The sales to list price ratio remained stable over the year (101.6%).
Queen Anne condo sales and prices both trended upward in August, but sales were down substantially in September 2015 compared to September 2014 (25 to 41). The good news from a seller’s standpoint is the median sales price was much higher in 2015, at $360,000 compared to $274,000 in 2014. The number of new listings for condos in the months of August and September 2015 compared to 2014 were relatively close (78 to 75).
October will be an interesting month to see how the numbers compare to 2014. September is the first month this year where we have seen any sign of the market stabilizing. If you would like to chat about the Queen Anne real estate market, ask me about it when you see me in the neighborhood or feel free to contact me sooner.
Jason Roach, Ewing & Clark, Inc.