The Seattle Eastside real estate market is beginning to level off. For the first time in months, only about half the homes for sale sold. This is more typical of a balanced market between buyers and sellers, not the hot sellers' market we've seen over the last few months.
The number of homes for sale is starting to look more like 2012's numbers, although there are more homes selling now than in 2012. The supply of available homes is is almost twice what it was in January of this year. Homes are still selling well as the number of homes sold in August was among the largest this year. When you compare inventory to previous years, we still have far fewer homes on the market. This past August had the fewest number of homes for sale in any August ever!
Our market is a more evenly balanced market, between buyers and sellers. This shift started to happen in July, but was more pronounced in August. This means pricing is far more critical than it was this past spring when so few homes were on the market. If a home is not priced right, buyers will pass and wait for another home to come on the market that's priced more competitively. With more homes coming on the market, there are more choices for buyers and less wiggle room in pricing for sellers.
Median pricing was only $1000 greater than July's median pricing. Generally, we've seen a much larger increase in pricing from one month to the next this year, so this is another indication the market is leveling off.
Here are the specifics for August, 2013 as compared to August, 2012:
- 48% of the available homes sold this past August, 38% sold in August, 2012.
- Homes sold in 32 days, down from 63 days in August, 2012.
- In 2012 median pricing in August was $518,000. In 2013, August's median pricing was $575,000.
If you'd like to know more about the value of your home, please don't hesitate to contact us.