I’m hearing from people that they think the real estate market may be slowing down. While August showed some slowing, that’s a typical trend in the region. Median sales price for single family homes was down 1.4% in August but is still up 18% from 12 months ago. And for condos, median price was up 3.1% from July and 10.7% from August of last year.
Shortage of inventory continues to drive the market. With large numbers of people moving to Seattle and a pent up desire to buy from local renters, the demand far outweighs the availability of properties. In fact, a listing I have that is now pending had multiple offers and the price escalated well above list price. (Until it closes I cannot disclose more.)
We typically see an increase in activity in September and early signs are supporting increased activity.
It’s a great time to buy or sell a home or condo. Give me an email or call (206-790-0081) to talk about your needs.