Local Market Update
As the temperature went up, so did the number of homes on the market. With more homes and fewer multiple offers in comparison to last year, we’re starting to see even the slightest ease in this competitive market for buyers. While there was a small increase in homes for sale in July, inventory remains very tight. The region as a whole has just about a two-week supply, and demand isn’t likely to ease up any time soon. The economy here is strong, and despite plenty of talk of an urban exodus due to the pandemic and the rise of remote work, our population grew steadily over the past year.
Home Prices, Trends, and more…
The blistering competition may have cooled a bit, but home prices are still heading up. The median single-family home in King County last month sold for a record-high $871,000, up about 20% from last July. In Seattle, the median price jumped 11% from a year ago to $896,500, down from a $919,000 peak in May. Home prices on the Eastside shot up 32% year-over-year to $1,330,563, just shy of the record set in June. Lack of inventory has propelled the particularly steep price hikes, with 90% of homes selling for over list price. At the end of July, there were just 350 single-family homes for sale on the Eastside. Seattle had more than double that amount of inventory.
Additionally, the limited supply of homes in Snohomish County also sent prices soaring. The median home there sold for $700,000, a 22% jump from a year ago, but down slightly from the all-time high in June. Condos remain a more affordable option, and with employers saying that they’ll want employees working in the office at least part-time, an increase in condo sales indicates that buyers are looking at in-city living again. The increase in inventory gives the buyer more options. The Eastside has about three weeks of available condo inventory; Seattle has nearly two months. The median condo price on the Eastside was up 12% over a year ago to $558,000. To summarize, Seattle’s median price was essentially unchanged from last year at $492,000.
What’s happening in your neighborhood?
Whether you are thinking of buying or selling — or just curious — the Kari Haas team or your broker can provide you with the latest data about specific neighborhoods and answer any questions you might have about home prices, financing, and strategies to help you meet your goals.
The charts below provide a brief overview of market activity. Every Month, Windermere Chief Economist Matthew Gardner provides an update on the US economy and housing market. You can get Matthew’s latest update here.
This post originally appeared on GetTheWReport.com.