Welcome to the Seattle Market Update page. If you're here, you must be curious about data. If that's the case, you've come to the right place.
The following reports for the Seattle real estate market use data that comes from the Northwest Multiple Listing Service (NWMLS or usually just MLS). Any real estate transaction involving a licensed real estate agent—almost all transactions do—will be in the MLS database, making it the best source for real estate data in Washington State. In fact, Zillow, Redfin, and other online sites all pull their data from the MLS.
The charts are generated using a tool called TrendGraphix. They are updated each month, with the most current data available.
These charts represent Seattle as a whole, but they can be fine-tuned down to specific neighborhoods and specific home criteria. If you'd like a report on something more specific, I'd be happy to make one for you.
Here's a cheat sheet for some of the terms used in the reports:
- DOM/CDOM - Continuous Days on Market (CDOM) means the total number of days that a home has been active in the MLS. The only way to reset a home's CDOM count is to remove it from the market for at least 90 days.
- for sale/active - any property that's listed as actively for sale in the MLS.
- pending - any property on which both parties have reached mutual acceptance but that hasn't closed yet.
- sold - any transaction that's gone to completion and which has already closed.
- original listing price vs. listing price - Original listing price is the price for which a home was originally listed, as opposed to the final price for which it was listed, which is simply referred to as the listing price. The two numbers will be different if the seller reduced the price of the home before it sold
- SP/Orig LP % - the selling price as a percentage of the original listing price. A 98, for example, means that the selling price was 98% of the home's original listing price.
- Median sold price is a number that I like to use instead of the average sold price
- Months of inventory tells you how long it would take the current number of active listings to sell based on the average number of homes sold per month over the course of the last year.