More homes were for sale on Seattle's Eastside in July, the most number of homes we've had for sale so far this year. The inventory is still below July of 2012, when there were 240+ more homes for sale. Competition is a little stronger as we see more homes come on the market. The good news is more homes are actually selling this year than last in most eastside neighborhoods. As the number of homes for sale has increased, the actual number of sales has also increased.
There's a very healthy turnover in the homes for sale as 1145 homes came on the market in July. Pending sales stood at 901 homes, a new high since 2005. This represents a fabulous number of sales.
I've seen some "for sale" signs up for a little longer than in the spring and there's been an increase in price reductions. Still, there are some homes that are selling with mulitple offers. Usually, these homes stand out from the competition with a great price, great condition and great marketing.
The market is beginning a very slow re-balance between buyers and sellers, as the number of homes for sale increases. That being said, don't be surprised to see anything and everything happen in this market. Expect the good homes to sell in a heartbeat, while others take a little longer. There are some reductions for the sellers who were still unrealistic as to what the market will bear.
Our listings continue to sell quickly and for strong prices. Through July, all of them sold in less than a week!
The median price for sales was higher in June than July. This does not mean prices have dropped, it just means the median price for all the homes sold in July happen to be slighty less than the median price for all the homes sold in June. If we look at the full year, with the exception of July, there's been a steady increase in median pricing.
As pricing continues to climb, fewer sellers will be underwater and more homes should be coming on the market.
Here are the specifics for July, 2013 as compared to July, 2012:
- 60.9% of the available homes sold this past July, 37% sold in July, 2012.
- Homes sold in 28 days, down from 65 days in July, 2012.
- In 2012 median pricing in July was $511,000. In 2013, July's median pricing was $574,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.