Seattle single-family June market report: median price cools to $880,000
The numbers for what the Seattle single-family and townhome real estate market did in June are out.
The headline is that after four months of huge price gains, the median price cooled to $880,000 from its $893,500 high set last month. We had been expecting the market to cool and now expect it to continue to cool as the aggressive buyers have bought homes, the remaining buyers are going to be distracted with summer vacations and more now that they’re vaccinated and because inventory seems to be growing while the number of homes under contract slows.
Not surprisingly, homes are still moving fast. *Median* days on market is still just 6 days.
In May we saw another record number of homes go under contract. That cooled in June with 1,120 homes going under contract down from 1,180 in May. This is still well above normal for this time of year though when we usually see 850 homes go under contract in a typical June.
New listings climbed in June to 1,322 which is a lot! The second busiest month for new listings in the last ten years other than May 2019. Seeing so many new listings paired with less than that going under contract this what leads me to say we’ll see further cooling in the market over the next couple months.
It is also likely what led to slightly more homes for sale on the last day of the month.
Months of supply is a measure of how long it’d take to sell all the homes for sale. Not surprisingly that number is low – it’d take less than a month to sell all the homes for sale. But it feels like months of supply is going to increase.