July Real Estate Report for Seattle Neighborhoods
While housing prices continue to slowly decline and inventories build, the Seattle real estate market is not cooling off as quickly as it had been during the spring. Home buyers are starting to look outside the city limits and even into Tacoma for more affordable prices.
Back in June, the median home price in Seattle dropped 3.9% over the same month in 2018, and in King County, the drop was 2.3% from the same period last year.
While there was just one more single family home sold in July 2019 compared with seven listings sold in July 2018, the average and top sale prices have dropped by half. The average price of the homes sold in July last year was $1,147,707, while the average last month was just $619,881. And the most expensive home sold in July 2018 for $2,020,000, more than double the top sale price of $885,000 last month.
Condominium sales were also down in July 2019 compared with the same month last year, but less drastically than single family home sales. There were seven listings sold in July 2018, with five sold last month. The average sale price for homes sold in July last year was $584,850, not much more than the average sale price last month of $507,780. However, the most expensive home sold last month for $795,000 – almost $500,000 less than the priciest home sold in July 2018: $1,250,000.
There are a total of 873 active listings in Seattle right now, in addition to 446 homes and/or condos that are pending sale.
When you’re ready to list your home for sale or begin searching for your next dream home, professional expertise is key. Ewing and Clark’s team of knowledgeable and experienced brokers and leasing agents are just the partner you need to navigate Seattle’s busy real estate market. Contact us to get started!