Capitol Hill Stats February 2016
It may be a new year but the real estate market in Seattle is seeing a whole lot of similarities between 2015 and 2016. The number of homes available for sale in the Central Seattle neighborhoods (Capitol Hill, Montlake, Eastlake, etc) in January 2016 was 70 – which was up 45.8% over December but down 12.5% over the same period last year.
Inventory is still tight with just 1.7 months available – which is up significantly from the 0.7 months we saw back in December but still down 10.5% compared to last year.
We did see an unexpected spike in the number of days a home is on the market in area 390 in January, with the average days on market rounding out at 66 – a 15 month high. We also saw sellers receive 97% of their asking price on average which is also a change from the 99-102% sales we were experiencing throughout all of 2015.
As of now, all indications suggest that 2016 will continue to be very lucrative for our sellers and slightly more challenging for buyers. The insight and expertise we have in dealing with sellers is lending itself nicely to our buyer clients, oftentimes giving them a leg up over other would-be buyers because we understand what a seller is looking for and how best to structure their offer to put them in the most competitive position. If you are interested in selling your Capitol Hill area home or are a buyer looking for your next home, give us a call at 206-227-1725! We’re happy to sit down with you and review your real estate related goals for the coming year and see how our team can help you achieve them.