Market Update – January 2018

Happy 2018! I’m back! It’s been a few minutes (well, more than that) since the blog has been updated.  I enjoy the process of creating my own content and with a new puppy (Sage, a sweet and spunky Golden Retriever) at the end of 2015 and a running accident in 2016 (a tree fell on me, long story) … this took a back seat.

2017 proved to be another dynamic and record breaking year for the Greater Seattle real estate market. According to the NWMLS (Northwest Multiple Listing Service), the 2017 inventory shrunk 19 percent, from 10,569 active listings at the end of 2016 to 8,553 as of December 2017. That’s the smallest selection for any month in the past decade. For the fourth time this year, monthly inventory dipped below the 10,000 mark, a level not reached at any other time during the 10-year comparison. So, what does this mean?


At the beginning of December 2017, inventory was at 0.7 months supply.  If no additional homes were listed in December, it would take a little less than 20 days for all inventory to be eaten up by hungry buyers.  By the end of December, 0.7 had dwindled down to 0.58 months supply.  The topic of “low inventory” has become a common theme over the past few years, it seems like each year we have reached a new “record low”.  At this point, it’s par for the course and unless there is a major economic or political event (which is entirely possible), the pattern will likely continue into 2018.



As you can see, the average for sale price is on the rise in King County while the average sold price is hovering around 750k.  The discrepancy between average for sale and average sold is likely due to the new construction inventory.  The median (middle number of the pack) sale price in December 2017 for King County was $635,000.

If you haven’t seen it,  here is an interesting article by the Seattle Times: Eastside home prices break record; Capitol Hill area hits $1 million median

What does this mean for those thinking about buying or selling a home?  For buyers and sellers both, it’s all about supply and demand, in which there is a huge discrepancy currently.  As a seller, it is imperative to strategically position your home in the market to maximize exposure and sale price.  There are unique challenges as a seller in this market and will be specific to a number of different factors.  As a buyer, having all your ducks in a row and knowing your strategy is imperative to success.  Yes, it is a competitive market and may take some time, and that’s okay (if you have the time).  My unsolicited advice is: don’t listen to the hype, everyone has an opinion.  It is amazing what can happen when you stay focused on your goal, cut out the noise and take the next indicated step in getting where you want to be.

Happy 2018 peeps and it won’t be another year until you hear from me again!





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