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.
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.