The real estate market in Seattle and on the eastside is doing well. The Seattle Times just published a great article about something all of us Realtors working in the trenches already know. It’s been good this year and has only gotten better as the year progressed. The article in The Times compares this year to last, but, in fact, this year is the best the real estate market has seen for the past 4 years.
I see the improvement in the real estate market every time I’m in front of the computer checking out the market activity in the NWMLS. Almost every day the number of sales surpasses the number of new listings, always a good thing. Showing activity is pretty consistent for many listings and, if it isn’t, then a home is overpriced. There have been homes selling with (gasp!) multiple offers. And last, but not least, sales numbers are higher, which means buyers are finding homes they’re happy with and think are a good enough value to make an offer. (Note: My comments relate only to those listings that are priced right as there are still many homes languishing on the market.)
The number of homes on the market has already reached its peak for the year. The number just dropped below 11,000 for the first time since May 9th of this year. We’re passed the peak in the number of homes for sale as the peak almost always falls in July of each year. This year the peak happened during the last week in June when there were 11,453 properties for sale in King County.
I expect the stronger real estate market to continue through the year. Many people are surprised when I tell them that September and October can be strong months to sell a home. Of course, our beautiful weather may slow us down for this week as people continue to play in the sun, but I do expect the fall to be an active real estate market.
I’ll be posting more data on the August real estate market as the information becomes available, so stay tuned.
What is your real estate market like now? Have you seen an improvement this year?