Median prices decline for second month in a row
This heat this week is crazy, but the real estate market is not heating up – the June numbers are in and the market cooled for the second month in a row. The median sales price for a single-family home (and townhome) declined in Seattle from a high of $958,000 this year in April to $933,500 in June. On the Eastside it has dropped from a high of $1,793,500 this year in April to $1,702,500. Expect the median price to continue to drop as the number of homes for sale grows (the number of homes for sale typically peaks in September) while buyer interest wanes like it usually does because everyone is on vacation over summer (buyer interest will rally after Labor Day).
Last week was a really slow week for new listings. Expect that to improve this week and for another week or two until everyone disappears for August.
Links
- Seattle area home values rebound. Here’s what to expect (Seattle Times)
- In Manhattan Real Estate, Cash Is Everything (NYT)
- Early Microsoft employee linked to $13.5 million Kirkland home sale (PSBJ)
- Amazon exec lists Bainbridge Island custom-built home (PSBJ)
- Seattle apartments keep getting smaller (Axios Seattle)
- How fast is Seattle growing? It depends on whom you ask (Seattle Times)
New Listings by Week
Seattle: 103 new listings last week, down 66.3% w-o-w
Eastside: 135 new listings last week, down 45.1% w-o-w
Homes going pending by week
Seattle: 178 pending last week, down 14.4% w-o-w
Eastside: 184 pending last week, up 4.6% w-o-w
Eye candy
$2.9m West Seattle contemporary
Check out last week’s market update, Inventory and price reductions hit a high for the year
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