It’s not just the weather cooling off. Many areas continued to slow as we move further into the fall season. Buyers who chose not to compete in the peak season frenzy may find the temperature is just right now.
The Q3 median sale price increased a mere 0.6% in Seattle and 24.4% on the Eastside over Q3 2016. While Eastside condos were truly a hotbed of activity, Seattle condos fared better than the numbers appear. This is because a few ultra-high sales and high-end new construction significantly skewed the Q3 2016 median price higher than in any other quarter of 2016. That anomaly aside, Seattle condos have continued to appreciate at a brisk pace.
A bit of slowing was observed this week across the entire Seattle-Eastside region. With few exceptions, pending sales were down in nearly every price point. A good time for buyers to swoop in? Quite possibly…
As expected, we saw a surge of new listing inventory this week. Pending sales were sluggish however, as home buyers paused to gauge the state of the market and explore the new listing options presented.
Ballard, Greenlake and North Seattle rocked the charts this week! Home buyers were back at it in force. With the Exception of West Bellevue and Woodinville, all Seattle area neighborhoods saw a decline in listing inventory coupled with an increase in pending sales. The coming week should bring a new surge of listing inventory, spurring on another strong round of pending sale activity.
As smoke and ash blanketed parts of Washington state, one real estate broker noted, “Even in a fire there are some cooler spots, and seasonally, the housing market is in a cooler spot.” The latest numbers from Northwest Multiple Listing Service show there are both cooler spots and hot spots, with the demand for housing and prices showing few signs of being extinguished.
This week will likely mark the last active listing week of August as buyers, sellers and agents enjoy the last bit of summer vacations and prep for back to school. The second half of August is a great time for buyers to find the tables turned in their favor.
Look for a rush of new listings to come to market in the week following Labor Day as we enter the second most active season of the year.
SUMMER DOLDRUMS FOR HOME SALES “NOT HAPPENING” AROUND WESTERN WASHINGTON KIRKLAND, Washington (Aug. 7, 2017) – New figures from Northwest Multiple Listing Service indicate home sales and prices, like July’s temperatures, sizzled. Prices area-wide rose slightly more than 9 percent from a year ago, but several counties near job centers saw larger price increases, including King County where the median price jumped 18.6 percent. The latest report confirmed what most buyers and brokers know: inventory shortages persist even though MLS members added slightly more new listings last month than the same period a year ago.
Followed by last week’s record sales, and fewer new listings to market, this week marked an even more extreme shortage of homes for sale-with most areas having far less than one month of inventory at their mainstream price points. What is left on the market is often tired or lacking desirable features. Turn-key homes are golden right now and we need more of them!
The Q2 median sale price increased by 14.6% in Seattle and 17.2% on the Eastside over Q2 2016. The total number of condo sales on the Eastside remained about the same (829) while the number of units sold is Seattle (845) was down 17% from Q2 of last year. Fewer units available for sale in Seattle was the biggest contributing factor.
The East Bellevue region was up 24.8%, followed by Mercer Island and East of Lake Sammamish at 20.4% and 19.9% over Q2 of last year.
The Median Sale Price change Q2 2016 to Q2 2017 breakdown is as follows: Eastside South of I-90 (15.0%), Mercer Island (20.4%), West Bellevue (15.2%), East Bellevue (24.8%), East Lake Sammamish (19.9%), Redmond (18.9%), Kirkland (16.3%), and Juanita-Woodinville (12.0%).
As anticipated, many new listings entered the market this week. Coupled with fewer holiday week sales, Seattle area real estate is slightly leaning in buyer’s favor this week…at least in upper price points. This is especially true with Downtown Seattle condos where all but the lowest price points are either balanced or buyer-friendly.
KIRKLAND, Washington (July 6, 2017) – For frustrated house hunters, there’s hope: the volume of new listings added to inventory during June (13,658) was the highest total for any single month since May 2008 (14,176 new listings), according to the latest statistics from Northwest Multiple Listing Service.
“This time of year, we see more new listings coming on the market than pending sales, and June didn’t disappoint,” stated J. Lennox Scott, chairman and CEO of John L. Scott.
Noting the pace of sales is slowing and the number of multiple offers is moderating, broker Gary O’Leyar suggested a summer breather is under way (as anticipated), which could yield “the season for a successful purchase” for weary shoppers. O’Leyar, the designated broker/owner at Berkshire Hathaway HomeServices Signature Properties, said this mid-summer real estate market “seems to be following a fairly typical seasonal cycle” even though inventory is significantly lower than a year ago.
Whoa Betsy! What’s happening in Ballard this week? Virtually zero month’s supply of inventory on the market for sale below $1.5 million!! Other areas fare better for buyers this week…but a low supply of homes for sale is prevalent throughout the region as we head into this holiday weekend. Look for some relief in the form of new listings by next weekend as homes come to market after the holiday lull.