After years of gridlock, Seattle’s housing market is finding balance: prices are flattening, inventory is climbing, and buyers are finally seeing more choices and time to decide.
The market is slowing, but it's still moving fast
June is typically a turning point for the real estate market. This spring has been a scorcher for real estate values, but we're starting to see signs of a normal seasonal slowdown. And no, this doesn't mean the market is moving slowly!
Home values typically increase the most in the 2nd quarter and homes take longer to sell after June. The recent Case-Shiller report showed record-setting price growth in May, right on schedule.
Due to COVID-19, last year never experienced a slowdown, as the selling season was delayed by lockdowns. This year should follow prior norms as we head into the Fall. But demand is still through the roof, and pending sales are breaking records. In Seattle...
Pending sales are up 9% year-over-year (see below for 10 years of context)
The # of homes for sale is down 23% year-over-year
Average days on market remains at an all-time low, 6 days
We might have seen prices hit their high for the year, but the train is still racing down the tracks!
Thanks for reading!
October 2020 | Luxury sales are surging
The real estate market typically slows down in the fall, but as you know, 2020 is anything but typical. The usual August slowdown never happened, but we're finally seeing the market taper as we head into the wet months. Prices are up, rates are down, and buyers are still snatching up homes faster than sellers can list them.
July 2020 | Rapid recovery for Seattle real estate
May 2020 | Pending sales return to 2019 levels ✔
Almost two months after the Stay Home order began, real estate sales data is suggesting a check-mark-shaped recovery locally. New listings were down last month by nearly 40%, though, so it may be a while before things return to "normal."
Q1 2017 Market Report
Unless you’re living under a rock, you know that our region is growing like a weed in a swamp. Windermere just released Q1 market reports for Seattle, Mercer Island and the Eastside. The median home price in King County just hit $600,000 while Seattle’s median reached $700,000, double the 2012 level during the recession. If you bought a home five years ago—or two years for that matter—you should be sleeping well!