Local Market Update

Even though summer is typically a slow period, home and condo sales are thriving. Last month, every region in this report experienced an increase in home sales and higher median prices compared to the previous year. This month, we've seen the largest one-week drop in mortgage rates of the year, bringing them to their lowest point in 15 months. Alongside falling mortgage rates, inventory is rising, with more homes and condos available year-over-year. These developments offer late-summer optimism for buyers, who faced a challenging market just months ago. Although late summer usually sees a slowdown, this year buyers might be more motivated and active than usual.

In King County, the median price of a single-family home rose 11% year-over-year, climbing from $897,500 in July 2023 to $999,000 last month. This increase reversed the decline observed between May and June, following May’s peak of $1,001,000. Additionally, unit sales of single-family homes grew by 10% year-over-year in July. Condo prices in King County also saw an increase, rising 4% from $510,000 last July to $530,000 last month. Moreover, the number of active condo listings in King County surged by 64% from July 2023 to the end of last month.

Despite having the highest home inventory in the region, Seattle experienced an 8% increase in the median sold price of single-family homes, rising from $957,000 in July 2023 to $972,500 last month. Home sales in Seattle also grew by 8% year-over-year in July. Condo prices in Seattle increased by 2%, from $550,000 to $559,000, while the number of active condo listings surged by 44% compared to last year. However, condo unit sales dropped by 14% from July 2023.

Last month on the Eastside, home sales were strong, with a 32% increase in transactions compared to the same time last year. The median price for a single-family home on the Eastside rose by 8% year-over-year to $1,620,000, though it was slightly lower than June's median of $1,635,000. In July, 43% of homes sold above the asking price, down from the peak of 59% in April. Condo prices also saw a 5% annual increase, reaching $627,500, even with an 83% rise in the number of condos actively listed on the Eastside.

By the end of July, the number of homes for sale in Snohomish County had increased by 38% compared to the previous year. Despite this growth in inventory, the median sold price for a single-family home rose by 9% year-over-year. The condo market in Snohomish County followed a similar trend, with the median sold price increasing by 13%, from $495,000 a year ago to $560,000, even as the number of listed units surged by 137%. Additionally, 21% more condos were sold last month compared to July 2023.

The markets mentioned above share similar trends: increasing supply, consistent buyer activity, and stable prices. While some of these dynamics might seem unexpected, they highlight a market in transition. With lower mortgage rates, this creates a renewed opportunity for many buyers.

Whether you're buying or selling, contact us today. We will provide valuable insights on how to navigate this evolving market to your benefit.