Supply and demand is the theme of the region's Summer real estate market. Many thought the rise in interest rates would cool buyer interest. However, it has turned out to be a hot summer market. Buyer interest remains high, and inventory is low. Buyers find they are having to compete in multiple offers on well-priced homes. The supply issue is likely created by homeowners unwilling to sell and lose their sub 4% interest rate. This results in fewer homes sold than this time last year.
The latest NWMLS report shows the number of active listings of single-family homes and condominiums systemwide is down nearly 21% from June 2022 (10,607 versus 13,405). For single family homes (excluding condos), year-over-year inventory is down about 22.4%, while condo inventory declined 9.2%.
Pending sales for June totaled 7,759. That is a decline of 13.2% from a year ago when the total was 8,937.
Last month’s 6,842 closed sales marked the largest number of closings since September, but compared to June 2022 the volume was down about 24%. Across the entire region the median price for last month’s closed sales was $625,000. That is a drop of 3.85% from a year ago, but prices are up about 12.2% since January when the median price was $557,250. Seventeen counties reported double-digit price gains since January. Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago.
Demand continues to keep the existing and new inventory in check as buyers compete over low inventory. It will be interesting to see if buyer frustration grows with so few homes to choose from and will high buyer demand continue given the persistently high mortgage rates.
Bite of Seattle July 21 - July 23
Tour de Terrace July 21 - July 23
West Seattle Grand Parade July 22
Seattle Chinatown Seafair Parade July 23
Pier Sounds Free Concerts July 28 & July 29
Seafair Torchlight Parade July 29
Free National Park Day August 4
Magnolia Summerfest August 4 - August 6
Seafair Weekend August 4 - August 6
Lake City Summer Festival & Parade August 5
Taste Edmonds August 11 - August 13
Celebrate Shoreline August 19
Evergreen State Fair August 24 - September 4
Kirkland Summerfest August 28 - August 30
Washington State Fair September 1 - September 24
Darnell@lakere.com | 206-679-8815