July Market Stats are HERE!
July is always a quiet month in our area… this always seems surprising but after waiting 9 months for sunshine everyone is outside taking advantage of the beautiful weather.
Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.
The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.
And now to Seattle!
Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.
If you’d like the specifics for your neighborhood, please don’t hesitate to call, text or email me today!
Graphs are created by Windermere Real Estate/East Inc. using NWMLS data, but information was not verified or published by NWMLS