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Did Our Gorgeous August Affect Real Estate Sales On Seattle’s Eastside?
Seattle Eastside Real Estate Sales Through August, 2014
The end of summer brought the first decline for Seattle Eastside home sales this year. I wouldn’t get too alarmed, though, as sales dropped by only 2.5%. August always seems to be a slower month as people rush to get kids ready for school or cram those last summer weekends full of fun activities. The number of pending sales this year, 768, is very similar to last August, when 776 homes sold.
The market did not die after last August and it will not die after this August. The real estate market tends to get back to business as usual after Labor Day weekend.
In August, 42% of the homes for sale sold on Seattle’s eastside, the lowest absorption rate for the year. The peak of sales activity, as it is every year, was back in the spring. In March, 67% of the homes for sale sold and in April 68% sold.
Days on the market are still low as it is only taking 38 days on average to sell a Seattle eastside home. Median pricing was up to $600,000. Last August it was $515,000.
If you’d like more information about the real estate market and the value of your home, don’t hesitate to contact us.
July 2014 Real Estate Performs As Expected on Seattle’s Eastside
The most number of homes for sale so far this year? No big surprise. We've seen the same roller coaster of real estate activity on Seattle's eastside every year. The market was still strong as almost 50% of Seattle eastside homes sold in July. The peak of sales activity, as it is every year, was back in the spring. In March, 67% of the homes for sale sold and in April 68% sold.
In July, we have the most number of homes for sale so far this year, although August could top that number. Days on the market are still low as it is only taking 38 days on average to sell a Seattle eastside home. Median pricing was up to $625,000. Last July it was $575,000.
Fall can be a great time to either buy or sell a home. There are buyers who will get serious as the cool weather approaches, wanting to get into a home before the end of the year. Don't discount the holidays either. Competition for buyers is so much less during that time.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.
Is Summer The Busiest Time for Real Estate on Seattle’s Eastside?
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.
