We’re already more than half way through November, which typically means that the Holiday slowdown is in full effect – but not this year! The Seattle real estate market continues to surprise us as multiple offers and homes selling at or above asking price continues to be the norm.
This month we wanted to compare how the Captiol Hill real estate market (NWMLS Area 390), which includes neighborhoods like Central Seattle, Madison Park, and Capitol Hill – is faring compared to Seattle sales activity as a whole.
Seattle – Homes for Sale vs. Sold:
In October, the number of homes for sale in Seattle was down 8.9% compared to September and down 33.2% compared to October of 2014. Inventory is TIGHT! The number of homes sold in October was up slightly (3.3%) month over month but sales were down 5.5% compared to the same period last year. This could easily be explained by the overall shortage of inventory.
Area 390 – Homes for Sale vs. Sold:
The number of homes available for sale in Capitol Hill was down a whopping 18% compared to September and down 7.1% compared to the same month last year. The number of homes that sold was also down by 9% over the same period in 2014.
Seattle – Months of Inventory:
Housing inventory in Seattle is down 9% compared to September and down 28.8% compared to October of last year. With just 1 month’s worth of inventory based on closed sales, Seattle is a very strong market for sellers despite our rapid approach into the holiday season.
Captiol Hill – Months of Inventory:
Despite the influx of homes that came on the market in September and October, Capitol Hill is still considered a strong seller’s market with just 1.3 months of available inventory based on closed sales. Inventory is down 7.1% compared to last month but at similar levels compared to October of last year.
Could this mean 2016 will experience a similar flurry of activity? If the Federal Reserve opts to increase interest rates next month, we may see a shift in a buyer’s purchasing power but it may not be a enough of a change to really hinder buyer demand. We’ll just have to wait and see.