June brought with it a spike in inventory and a decrease in number of sold homes. As prices and interest rates continue to rise, the market has started its process of stabilizing.
For Sale/Pending/Sold for single family under $750,000 in Seattle over the past 14 months:
In the single family home category, we saw a sharp decline in the number of sold homes paired with an almost 30% increase of the number of homes available for sale. For the first time since February, we had a noticeable gap between the number of homes for sale and number of sold homes.
Months of Inventory for Single Family Homes under $750,000:
A slight increase of inventory to 1.4 months. This is an indicator that we are still facing a shortage of inventory for buyers looking for single family homes.
For Sale/Pending/Sold for condos under $750,000 in Seattle over the past 14 months:
When looking at condos, we notice an even more drastic shift in the number of for sale and sold. We finally have over 400 active condos for sale, a number that was last seen in October of 2012.
Months of Inventory for Condos under $750,000:
For the second month in a row we see an increase in the condo inventory. Although 2.1 months of inventory is a far stretch of the traditional 4 – 6 months of inventory and typically represents a healthy market, we continue to trend towards a less frenzied and more stable housing market in Seattle.
The statistics always seem to confirm what I see in the field. Buyers now have more options (but still not as many as they would like), and sellers are seeing less and less of the frenzied, multiple offer situations. If I had to predict what the July stats would look like, I would think we would see about the same scale of growth in listings, increase in months supply, and slowing closed sales. Time will tell…