The weather warms up and the market cools down.
Let’s start with Median Sales Prices:
Median sales prices are down this month. Houses saw a 2% drop in price compared to June, and a 6% year-over-year price decrease. Condos saw a large drop in median sales price. Condos are 10% less compared to June and 12% less than this time last year.
Other important metrics:
Houses are now selling for 100% of list price, and selling in an average of 21 days. That is 2 days slower than last month, and 6 days slower than last year. Even though we have softening prices and longer market times, we saw a slight reduction in the months of supply. We had 1.8 months supply of homes in Seattle in July, down from 1.9 in June, but up from the 1.3 last year.
Condos continue to sell for 99% of list price, but saw a huge increase in market time. In July, condos took an average of 37 days to sell. That is 10 days longer than June and 21 days longer than back in 2018. Again, it seems strange to have dropping prices and longer days on market, but despite that, we still saw a small drop in the months supply of inventory. July had 3.1 months supply, compared to the 3.3 in June.
Number of properties for sale versus sold:
For both houses and condos, we we saw a slight decrease in the total number of properties for sale. It is so interesting that for houses, we have seen very steady number of sold homes over the last 4 months, even though we had a huge spike in inventory in May and June. In even MORE interesting news, we sold almost exactly as many homes and condos in July 2019 as we did in July 2018. Our buyer demand is holding steady both month-over-month and year-over-year. The primary difference this year is that we have 78% more condos for sale and 34% more homes for sale than we did this time last year.