August played out as I expected with the slower market reflected in a 4.3% reduction in the median price of a Single Family Residence (SFR) in both Seattle and the Eastside. The number of homes selling at or above list price also decreased a little in both areas and the length of time on market increased. While inventory is rising slowly throughout the Puget Sound, there remains a critical shortage of housing on the Eastside, with nearly all neighborhoods still considered a “seller’s market” for SFRs. Eastside condo inventory has risen enough to be entering a more balanced market. Seattle’s SFR inventory is approaching a “balanced market” and their condo market is now in “buyer’s market” territory.

As is typical, the real estate market picked up as soon as the kids went back to school and the Labor Day weekend ended. I received multiple offers on my recent listings, indicating demand is still strong. With the recent interest rate drop and the Feds expected to announce further reductions next week, demand is already up. It’s a great time to buy, despite the increased competition. For Sellers, it’s not too late to take advantage of our strong early Fall market! Let me know how I can help.

If you haven’t already, it’s time to schedule your annual furnace servicing and sprinkler winterization. Need a referral?  Give me a call!