Numbers to Know...

Here's a brief look at important statistics and numbers surrounding Seattle real estate.

This graph shows how many months of inventory exist on the market in Seattle. In other words, if no new listings were to come on the market then it would currently take 10.8 months to deplete what is now for sale. Eleven months is a long time and demonstrates how slow the market is moving right now in Seattle. However, as you'll see in the next graph...it's due more to the rate people are buying and much less with an inflated number of active listings.

Sales really dropped off in November while pending sales (signed contracts set to close in the future) had a slight increase. This trend seems to follow the general pattern of all consumers right now. People seem to be holding off on purchasing items (and houses!) that aren't necessary. Again, active listings dropped significantly last month. You can see from recent history that inventory tends to drop in the dark winter months but the reduction of homes for sale will be one step on the path to a rebounding market.
We always hear in the news about prices dropping and home values on the decline. This give a visual to the factual reality of how prices are performing on a $/square foot basis. While certain outlying areas have seen significant declines, the city of Seattle really hasn't posted major declines in the prices of real estate. There is no question values have softened but many think the drop should be viewed as a slight correction to formerly inflated prices.