SFH: Median Sales Price Falls $25k From May
Remarkably the median sales price for single-family homes in Seattle fell $25,000 from $775,000 in May to $750,000 in June. I would normally expect median sales price to peak in June or July and then see it decline through the back half of the year, but perhaps the peek of the market came early this year.
We did not see as large of a drop in the median price per square foot:
Also remarkably, the number of new listings declined from May to June when we would have expected a similar number of new listings for each month. I suspect what happened is that given how weird last year was, listing agents advised sellers to get on the market early this year as last year the market collapsed after the May long weekend.
It is going to be interesting to see how many new listings we see in the back half of the year because if sellers really did focus on the first half of the year, we may see inventory start to decline. Right now, it is holding pretty steady with where it was in May.