Eastside and Seattle Market Update

Posted on August 10th, 2023

Eastside and Seattle Market Update

 

Summer is flying by, and I am staying quite busy working and exploring the beautiful PNW. The photo was taken at the Festival of Lights in Vancouver, BC.

If you have never attended this event,
I highly recommend it!

 

Our latest stats for the month ending July 2023 were published and I wanted to share a few thoughts:

  Eastside Talking Points: 

  • Median closed price was $1,500,000 which represents a 6% increase from July 2022 (was $1,420,000)
  • Prices are 16% below the April 2022 peak of $1,722,500.
  • Prices are 15% above the recent low in December of $1,299,000.
  • Market is missing the optional buyers who are protecting their 3% interest rates.  This resulted in about 30% less new listings than one year ago leaving buyers with a limited selection.
  • 42% less active listings than one year ago (691 vs 1,197) and 43% less listings compared with the 10-year average (1,208)

      Seattle Talking Points:

  • Median closed price was $899,950 which represents a 6% decrease from July 2022 (was $954,500)
  • Prices are 3% below June 2023
  • 37% of active inventory in July 2023 sold above list price since so inventory is limited with many sellers reluctant to give up 3% rates.
  • Pricing is key as 69% of properties sold in July 2023 sold for in less than 15 days with a median to sold list price of 100.1%.  Homes selling in 15-30 days captured 97.5% of the median sold to list price.

 

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