Seattle led North America with the highest sales ratio for single family homes according to a luxury market report produced by The Institute for Luxury Home Marketing. The sales ratio defines the market speed and determines whether the market currently favors buyers or sellers.
- Buyer’s Market < 14.5%
- Balanced Market ≥ 14.5% to < 20.5%
- Seller’s Market ≥ 20.5%
Seattle ended January with a 52 percent sales ratio. It was followed by Sacramento with 35 percent; Greater Seattle with 31 percent; and Colorado Springs with 30 percent.
Seattle Single Family Home Luxury Market
- The luxury benchmark (price point marking transition from traditional homes to luxury homes) in Seattle is $1,150,000.
- There were 114 homes available in January, 59 of which sold—a 52 percent sales ratio.
- Seattle homes sold for a median of 98.64 percent of its list price in January.
- The median days on market decreased from 27 days in December to 25 days in January.
Seattle Condo Luxury Market
- The luxury benchmark in Seattle for condos is $800,000.
- There were 68 homes available in January, 21 of which sold—a 31 percent sales ratio.
- Seattle condos sold for a median of 97.88 percent of its list price in January.
- The median days on market increased from 44 in December to 72 days in January.