Market Update: Prices Down from July, Inventory Soft
With August behind us, time to check in on and see what the residential real estate market did.
For buyers, the bad news is that the median price in Seattle is up $90,000 year-over-year to $669,500 and inventory was down from last August. The good news is that prices softened in August relative to July and the days on market grew to eight from seven. Our experience writing two to ten offers a week this summer is that if you’re looking for a deal, focus on homes that hit the market over priced and have been sitting. Otherwise, you need to be ready to compete against multiple offers which means pre-approval from a local lender (not a big bank! or a weird Internet lender!), waiving financing, inspection, title, etc, so that you have a super clean offer.
For sellers, it continues to be a great time to sell. If you’re thinking of selling this year, now is the time to do it but it’ll be a scramble. Scrambles are no problems for us though, just get in touch and we’ll get your home listed and sold. Otherwise, let’s strategize about next year and the projects you should complete over the winter to get your home ready to sell.
What do other outlets have to say about August?
- The Seattle Times, King County home prices surge 18 percent, most on record for this time of year
- Seattle Bubble, NWMLS: Seattle housing market shows no signs of slowing in August.
If you’d like us to pull the data for your neighborhood just drop us me a line at [email protected]