Kind of hard to believe that we are already half way through July but here we are. Seattle’s real estate market has been increasingly robust however some would argue that the frenzied pace may feel like it is slowing just a touch. We actually saw 7.1% MORE homes come on the market in June this year than we saw in June of 2015, which was great news for home buyers. This increased inventory was quickly snatched up though with 16.1% more homes going “Pending” than the previous year. The number of homes that closed in June was up 13.1% over May but actually down 4% from 2015.
Even though we saw more homes come on the market, it didn’t mean that the increase in inventory was helping to tame selling prices. As you can see below, homes were selling at 102% of asking price in just 25 days on average, which means sellers were still seeing multiple offers on their properties.
And while we did see more homes come on the market, we still haven’t seen a big enough surge in new listings to dramatically impact overall inventory levels. As you can see in the graph below, we are still hovering around a 1 months supply of homes, which means that should no other properties come on the market, it would only take 1.1 months for current buyers to purchase those homes.
All that said, it is clearly still a great time to be a home seller. If you are a home buyer in Seattle, you are definitely getting a little more selection to choose from but you’re still going to have to move aggressively in order to get the home you love. If we can assist in any way, please don’t hesitate to call our office at 206.331.3960 or email email@example.com.