The slowdown has arrived! After years of rocketing prices, the Seattle market has reached the apex of its trajectory and is stalling. The better neighborhoods are holding on and the best houses are still receiving competing bids, but many properties are sitting unsold and prices are softening.
In this Issue of our Quarterly Market Report, you will find our usual overview of the current market in the Greater Seattle area, a recent Realtor article on the most valued Outdoor Features according to Realtors and their clients across the nation, information on post-recession building construction levels, and Seattle’s position in CNBC’s 2018 Ranking of Top States for Business.
Hope for Buyers
Data provided by Northwest Multiple Listing (NWMLS) showed in June a significant increase in the number of homes for sale in the region yet still far below of what is considered a balanced market of 3 to 5 months of supply.
Despite more inventory and marked increase of expired and cancelled listings, both indicators of better times for Buyers, prices rose year-over-year in the Four-county Puget Sound region due to the supply imbalance.
However, compared to May, prices were flat or dropped in some areas including King County where the median price of sold single family homes was $715,000, $11,275 less than last May.
Seattle median prices for single family homes reached $812,500 in June, going up 10.5 percent from a year ago but falling from the two previous months.
Condo median prices followed similar behavior. Seattle rose 11 percent to $527,950 in June but was down compared to April and May.
Condos supply improved also with an interesting development in the market. We learned from a Seattle Times article in June, our recent construction boom of apartments, has resulted in 40% of new apartments in the region and 7.5% of apartments of any age across Greater Seattle, sitting empty. In response, Landords are offering among other incentives, one or more months free, waived deposits, free parking and thousand dollar gift cards.
From our own experience and other member brokers of NWMLS, there is a “feeling of change in the market” to one “less frenetic” and you can see an “increase of properties going past their offer review date, more price reductions and decrease in multiple offers”.
However, the bidding wars for some properties continue, especially for those updated and properly priced.
More in our issue. You can download it here.