Regular readers of the blog now we’ve been talking about a slowdown for the last couple months and the data from August confirms that the summer slowdown was a larger slowdown than we normally see – the number of homes for sale continued to increase while median price declined for a third month.

For buyers – enjoy the selection! There’s lots of homes for sale. In fact we haven’t seen this many homes for sale for four years. The increased selection means bidding wars are getting rare and you can write offers with lots of contingencies.

For sellers – your home needs to be in tip-top shape so it stands out from all the other homes for sale. If you’re thinking of selling, we strongly recommend getting your home on the market and pending before Thanksgiving. Which means if you’re thinking of selling this year, time to make it happen. Otherwise, we’d recommend holding off until early 2019. If you were already thinking of selling in 2019, we recommend selling in the first few months of the year to take advantage of what is typically lower inventory levels.

Single-family & townhomes:

• 715 homes sold
  • -11.51% from last month
  • -20.20% from last year
• $740,000 median list price
  • -5.73% from last month
  • +4.15% from last year
• $433 median list price per square foot
  • -1.14% from last month
  • +7.71% from last year
• 100% average sale-to-list price ratio
  • same as last month
  • -1.09% from last year
• 885 new listings
  • -10.33% from last month
  • +5.11% from last year
• 1121 homes for sale
  • +2.75% from last month
  • +77.65% from last year
• 10 days is the average time homes have been on-market
  • +25.00% from last month
  • +25.00% from last year

Condos:

• 225 homes sold
  • -13.46% from last month
  • -17.58% from last year
• $499,050 median list price
  • -1.47% from last month
  • +6.86% from last year
• $599 median list price per square foot
  • -4.92% from last month
  • -1.48% from last year
• 100% average sale-to-list price ratio
  • same as last month
  • -4.31% from last year
• 356 new listings
  • +5.33% from last month
  • +24.04% from last year
• 494 homes for sale
  • +16.24% from last month
  • +134.12% from last year
• 10 days is the average time homes have been on-market
  • +11.11% from last month
  • +25.00% from last year

What did other outlets have to say?

• Seattle Times, Seattle home prices drop by $70,000 in three months as market continues to cool
• Seattle Bubble, Summer 2018 slowdown link roundup
• PSBJ, Housing price growth slows dramatically across the Puget Sound region

Single-family & Townhomes

Condos