Posted On: March 10th, 2017 8:45PM
It was another fast moving year and the numbers are in.
Year on year in Woodinville 2016 saw an increase price, but that was about it.
Average price was up 14% to $754,620. The average price per square foot was up 9.3% to $268.14. Why is there a difference between average price and average p/sqft? It just means that there were more bigger houses selling. A big house has a higher overall price, but typically the p/sqft is lower than a smaller house. If it remained equal or constant then you could find a 1300 sqft home in Woodinville for $348,000. But, you can't. Or conversely it would mean that since a smaller house is selling at $320/sqft then a 3000 sqft home will sell for $970K. Unfortunately (for those home owners) it's not as cut and dry as that. So, you will almost always see a discrepancy between average price and average p/sqft.
The number of sales was almost equal - only down by 1 for a total of 570 house sales in 2016.
The average monthly inventory was down 30.8% to 61/mo. That's really low. Especially considering the average number of sales was 47/mo. That definitely indicates a seller's market still.