September 2017 Seattle Area Housing Report

Windermere Mercer Island
MLS brokers detecting seasonal slowdown in some areas
but expect price hikes to continue in much of Washington

KIRKLAND, Washington (Oct. 5, 2017) – “October will be the best month for selection and availability until late February,” proclaimed J. Lennox Scott when commenting on the latest statistics from Northwest Multiple Listing Service.

MLS figures for September show inventory reached 1.7 months of supply at the end of the month, matching the year-to-date high in February. That level is still well below the 4-to-6 months of supply that many industry analysts use as an indicator of a balanced market.

Scott said buyer intensity for new listings is higher today than a year ago. “We continue to have very strong buyer demand as the typical seasonal slowdown begins for new listings.” Other industry leaders agreed seasonal adjustments are underway.

Member-brokers in the 23 counties served by Northwest MLS added 10,120 new listings to inventory during September, slightly more than the number reported for the same month a year ago (10,029). At the end of the month there were 15,888 listings of single family homes and condos in the MLS database, a drop of 12.4 percent from a year ago when buyers could choose from 18,136 listings.

“The pressure cooker for the housing market continues as the typical seasonal market comes into play for new listings coming on the market,” stated Scott, the chairman and CEO of John L. Scott. He noted new listings during September and October typically shrink 30 percent – and even more during the winter months – when compared to spring and summer months.

Brokers say strong job growth statewide is fueling demand for housing. Washington has added around 83,000 new jobs from August 2016 through August 2017 (not seasonally adjusted), according to the state Employment Security Department.

Like some other months this year, pending sales last month surpassed the number of new listings, putting pressure on prices. Year-over-year median prices for homes and condos surged 12 percent.  View the full press release

Information and statistics compiled and reported by Northwest Multiple Listing
Service. Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

Click here for the full report and neighborhood statistics!

Neighborhood Reports
SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

Regional Reports

Seattle Homes
Eastside Homes
King County Homes
Mercer Island Homes
Seattle Condos
Eastside Condos
Seattle New Construction
Eastside New Construction

 

Average Sale Price % of Listed Price by Area

Our analysis shows every region’s average sale price as a % of the list price. While every house and situation is different, the averages give us an overall scope of the market.

West Seattle             102%
Renton Highlands    101%
South Seattle           99%
Central Seattle         103%
Eastside South         101%
Mercer Island            100%
West Bellevue          97%
East Bellevue           103%
E Lk Sammamish     100%
Redmond                   103%
Kirkland                     102%
Woodinville               102%
Queen Anne             102%
Ballard-Greenlake   104%
North Seattle           104%
Bellevue Condos      102%
Seattle Condos         102%

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.

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