Finally! The seasonal slow down has begun.
Usually I like to have 4 weeks of consecutive data showing fewer new listings and total listings, but I am going to call this one early. We are past the peak of new listings and total listings for sale. But that doesn’t mean that buyer demand has changed. Again we are seeing a stark contrast between the supply and demand for houses and that for condos.
Fewer new listings (for all home types) and fewer total properties for sale! That is tough news for the large pool of eager home buyers, as we are still seeing multiple offers and homes selling in just a few days. Fewer condos is the smallest relief for those trying to sell a condo, as the condo market has been over saturated and continues to see depressed buyer demand.
* The people that are really winning in this market are sellers of single family homes on decent sized lots and anyone wanting to buy a condo within 10 miles of downtown Seattle, especially a studio or one bedroom condo*
Other interesting notes:
- We saw more price drops this week than we have in the last 3 months. 12% of all houses and 11% of all condo actively for sale did a price drop last week.
- Two weeks ago, we saw a notable increase in canceled listings. This week, we were back to the “new average” or 6% of all houses and condos canceling their listing
- Even with slightly fewer properties for sale, we saw an uptick in number of pending properties, meaning buyer demand is not slowing down at the same pace as the number of new listings are