Market Report: Median Price Down M-o-M, Up Y-o-Y

Now that October is behind us, time to check in on what the real estate market did. Here’s a look at the three primary indicators:

• The median price at $650,000 is down $15,000 from September, but up $90,000 from last October
• We saw 1,072 new listings in October, down from 1,345 in September but it was more than we saw last October, 989
• The number of homes for sale at the end of October was 976, down from last October’s 1,137

Our experience touring clients every day and writing 2-10 offers a week is that there are still buyers out there that are determined by this year and that there are buyers who were planning to buy next year but are getting a jump start on things. On the seller side, even though this isn’t a conventional time to sell, sellers understand that there are still many buyers out there and bidding wars, for the most part, are still common.

What did other outlets have to say?

• Seattle Bubble, NWMLS: Nearly everything about the Seattle-area housing market continued to tilt in sellers’ favor in October
• Seattle Times, Seattle home prices jump nearly 18 percent; West Bellevue median hits $2.6 million