“Typical summer slowdown” may mean opportunities for frustrated house hunters
KIRKLAND, Washington (July 6, 2017) – For frustrated house hunters, there’s hope: the volume of new listings added to inventory during June (13,658) was the highest total for any single month since May 2008 (14,176 new listings), according to the latest statistics from Northwest Multiple Listing Service.
“This time of year, we see more new listings coming on the market than pending sales, and June didn’t disappoint,” stated J. Lennox Scott, chairman and CEO of John L. Scott.
Noting the pace of sales is slowing and the number of multiple offers is moderating, broker Gary O’Leyar suggested a summer breather is under way (as anticipated), which could yield “the season for a successful purchase” for weary shoppers. O’Leyar, the designated broker/owner at Berkshire Hathaway HomeServices Signature Properties, said this mid-summer real estate market “seems to be following a fairly typical seasonal cycle” even though inventory is significantly lower than a year ago.
Northwest MLS director George Moorhead also commented on the “typical summer slowdown,” but said it is more noticeable in outlying areas. “The hot core areas are still quite active as buyers vie for a new home.” He also detected a slight increase in the time it is taking to market a home, and reported some cooling off in the luxury market, saying prices may be reaching a plateau.
For many brokers, rising prices are an ongoing concern, with one industry leader describing the ever-increasing prices as “startling.”
While the number of new listings was up about 7 percent year-over-year, total inventory lagged. Brokers reported 14,482 active listings of single family homes and condos at the end of June, which is down 14 percent from twelve months ago when would-be buyers could choose from 16,838 listings. Compared to the previous month, however, inventory jumped up 16 percent (12,481 vs. 14,482). Full press release
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.
Our analysis shows every region in the greater Seattle area with an average sale price of 100% or more of the list price. While every house and situation is different, the averages give us an overall scope of the market.
Average Sale Price % of Listed Price by Area
North Seattle 109%
South Seattle 107%
East Bellevue 106%
Eastside South 105%
West Seattle 105%
Seattle Condos 104%
Central Seattle 103%
Queen Anne 103%
E Lk Sammamish 103%
Mercer Island 102%
Bellevue Condos 102%
West Bellevue 101%
© Copyright 2017, Windermere Real Estate/Mercer Island | (206) 232-0446 | firstname.lastname@example.org | 2737 77th Ave SE, Mercer Island, WA 98040. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.