Seattle Prices Came Back Down to Earth A Bit This Month
Looks like August was a bit of a sugar-high for real estate prices, and things are calming down a bit this month.
Again we see the tale of two different cities.
Houses and Townhouses:
Buyer demand was still strong, with 962 homes selling last month! Considering we only had 1,164 home for sale, I am sure that number would have been even higher if there were more homes for sale. The impact on buyers preference as a result of the ongoing extra time at home has caused the spike in demand for houses (and BIG houses) that is above and beyond what we normally see.
Condos:
More condos sold this month than the previous month and the previous year. We had an increase of 18% more condos sell this month, and at the same time, we also had a 12% increase in the number of condos for sale. We have 48% MORE condos for sale this year than in 2019, and are also seeing 47% more condos sell than this time last year. But condos are still a tough sell. You have a 2.5% chance of finding a buyer, and according to the data, those that do find a buyer take 30 days to get an offer and are selling for 99% of the list price.
Watch the video here