Key takeaway for the month: Inventory levels (the number of homes for sale) are down month-over-month across every home type. Further, both the percent of homes selling under list price and days on market decreased compared to December a year ago.
So what?: This December was more competitive than last December.
The good news: Flyhomes Cash Offer clients win homes 68% more* … winning in competition is one of our superpowers. Two big reasons for that: We help clients make Cash Offers, which are awesome, and avoid contingencies, which are homebuying Kryptonite.
- Townhomes are selling under list: Townhomes in Kirkland and Redmond both had very high rates of selling under list price in December (73% and 81%, respectively).
- Things slowed down: In December, median days on market were up for almost all regions and property types—not surprising with the holidays. The exceptions were Bellevue townhomes and Redmond condos/townhomes, which sold faster than the previous month.
- December closed with single-family homes at a median sale price of $745,000, condos at $474,975 and townhomes at $650,900.
- Active listings are down more than 30% across all home types.
- Median sale prices for single-family homes came in at $1,319,000, a 15.57% increase over November. Condo sale prices are down 10.5%, at $482,450, while townhomes remain flat, at $660,000.
- For condos, median list prices dipped 7.35% month-over-month and 13.04% year-over-year.
- Median sales for single family homes were at $990,000, down 5.71%, while condos dove 21.25%, to $315,000. Meanwhile, townhomes were up 14.41% at $675,000.
- For condo buyers: Median list price is down 18% and price per square foot down 16.83%.
Redmond – newly added this month!
- Single family homes had a median sale price of $1,100,000, up more than 12% from last month, while condos rang in at $369,500 (down almost 12% month-over-month). Townhomes saw a median sale price of $649,000.
- Median list price for single family homes rose 20.97% month-over-month.
- Looking for a townhome? Look elsewhere or wait for new inventory—the year ended with no new townhomes listed in December.
Don’t see the area you’re interested in? We can get the data for you. Just ask.
Ready to find your new home? Let’s go!
*Average for homes with 4 total competing offers on which our clients made a Cash Offer during the period of 1/1/19 through 6/30/19. The average number of offers in a multi-offer situation during that timeframe was 3.42.