We observed significant signs of market slowing as we head into this holiday weekend and the unofficial end of the summer market. Absorption (the percentage of active listings that go under contract each week) is a great real-time indicator of the pulse of the market…and one that appears well in advance of when monthly closed sales trends are announced. With a few exceptions, most areas throughout the Seattle-Eastside region saw absorption slow and move into the teens this week. Three neighborhoods remained red hot: East Bellevue with 42% absorption, Ballard-Greenlake with 39%, and North Seattle with 33%. On the other end of the spectrum, Mercer Island had only 5% of its For Sale inventory go under contract this last week.
It seems likely that we have already seen the peak of our Seller’s Market, or will by this spring, and that a shift in the market is already well underway. This writer’s hope is that we continue the shift slowly and subtly into a more balanced market this fall rather than see the market turn on a dime into a Buyer’s Market. This will help maintain the long-term stability of our local real estate market.
East Lk Sammamish
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.