No matter how many times people hear the market is the most active in the spring, many people think summer is the busiest time. Summer is still a great time to sell, but now that we're into an absolutely fabulous July, buyers often join friends and family for weekend outings. It can cause the activity to slow down a bit, but it does not go away by any means. In fact, we tell sellers to expect more activity during the week. With the days at their longest for the year, buyers often prefer to see homes after work and save weekends to enjoy the spectacular weather.
Can a well priced, terrific home still sell for more than full price with multiple offers in our current market? Yes. We just sold one of our listings at 10% over the asking price. There were seven offers. Inventory is low, but inventory for great homes is even lower, so those go fast and for top dollar.
Expect to see the number of homes for sale continue to increase. This will, hopefully, give buyers a few more choices and a little breathing room. The total number of homes for sale is still very low, while demand remains high, so sellers should still see a lot of action.
This is what I said in last month's post regarding the Seattle Eastside real estate market. It's proving to be true, which is not a big surprise to Brooks and me. We've seen this very same cycle over the years. Every summer there's a spike in homes for sale. But the lack of inventory will still keep Seattle Eastside real estate activity strong.
So how was June real estate on Seattle's eastside? Median pricing stood at $645,000. Homes sold well, with 57% of the available homes sold with an average market time of 32 days.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.