More home sellers take their homes off the market in November, thinking buyers have gone shopping for presents instead of for homes. The roller coaster pattern you see in the chart with inventory and sales is typical of most years. The supply of homes for sale tends to drop off as winter comes to Seattle. The number of homes sold in November also dropped from previous months, but there was still a healthy number of real estate sales on Seattle's eastside. Almost half of the homes for sale, 46%, sold in November.
Median pricing for November sales was $555,000. Median pricing has remained above $550,000 since April of this year. Homes sold in about 5 weeks, which is a short sales time. Homes were not selling within a matter of days as we saw in the spring, but a 5 week time frame is probably a healthier time period for the market. It means the market is still fast and strong, but not as frenetic.
But back to the roller coaster pattern you see in the chart above. Since the number of homes for sale is so low, and probably will continue to be in December, if you're thinking of making a move in 2014, think about it early in the year. Inventory in January should continue this trend and be very low, but creeping up as the month progresses. Competition will be less because of this lack of supply, increasing the chances for a quick sale and a strong price.
Here are the specifics for November, 2013 as compared to November, 2012:
- 46.5% of the available homes sold this past November, 41.5% sold in November, 2012.
- Homes sold in 43 days, down from 67 days in October, 2012.
- In 2012 median pricing in November was $525,000. In 2013, November's median pricing was $555,000.
If you'd like to know more about the value of your home or are thinking about a move, please don't hesitate to contact us.
Enjoy your holidays and have a Happy New Year!