Holy SMOKES! The real estate market was as hot as our summer temperatures this month.
#1 – Houses are HOT
What we care most about is the home prices in Seattle. Let’s take a look at the median sales price for houses in Seattle:
The median sales price for houses (including townhouses) is up 5% from this time last year. That is a very healthy and sustainable rate of price growth. As the offer review date continued to gain popularity, we also saw homes sell just a bit faster and also for a bit more over list price. On average, houses in Seattle sold for 102% of list price in July! We finally got above 1,000 total homes for sale, but held steady at just 1.1 months of supply. All metrics point to a competitive market for houses in Seattle.
#2 – Condos are WARM
Our median sales price is up! It is up more than houses. And condos are finally selling for 100% of the list price, and are selling faster than they have been. We see a lot more total condos for sale, and only a slight increase in the number of condos sold. I would say condos are HOT, but we have a bit more supply when compared to demand than we do with houses, and condos are still taking an average of over 3 weeks before they sell. Last month I claimed the condo market was in BAD shape. This month I will say the condo market is okay.