Seattle Real Estate – June Report: Low Inventory! People leaving King County?
Overview: Northwest Multiple Listing Service Real Estate Report
The Greater Seattle real estate story for the month of June is low inventory. In the 23 counties that make up the Northwest MLS there is only 1.16 month supply of homes which is the second lowest this decade (Dec 2017 = 1.12 months). In June, the NWMLS brought on 10,709 new listings, but 11,916 properties went pending. 20 of the 23 counties saw more properties go pending than came on the market. Although King County was one of the three counties that saw more new listings than pending sale. Overall, at the end of June there were 9,670 active properties listed which was a 42% decrease from the previous June. Last June, there were 16,680 homes and condos on the market.
The other story of the Greater Seattle real estate market is buyers seem to have more interest in counties outside of King County. Stay at home orders and technology allowing people to work from home are some of the reasons people are looking outside of the state’s most populous county. A buyer gets more space, lower prices and lower taxes. When one can accomplish most of their work from home, these benefits become very appealing.
Homes Outside of King County Like this Roslyn Home are in High Demand
Low inventory has driven up prices almost across the board. Single family homes across the MLS saw median prices up 5.7% over last June and 3.3% increase over this May. The four counties in Central Puget Sound saw an even greater increase although King County saw the smallest increase of these counties. King County was up 5.9%, Snohomish had a 6.7% increase, 7.7% in Kitsap, and 8.2% in Pierce County.
Seattle Real Estate
Seattle Home Sales – Sales up Price up
The number of Seattle home sales was up/even in most areas other than in West Seattle. For example, while the greater Ballard area saw 214 sales this June compared to 207 sales last year, West Seattle saw only 132 home sales versus 174 last June. Prices were up in most Seattle neighborhoods. Even West Seattle, where there was less sales, prices were still up to $752,000 vs $718,000 last year. Conversely, Ballard real estate and surrounding neighborhoods saw their price drop to just under $870,000 compared to nearly $897,000 last June. The biggest jump was northeast Seattle which includes Laurelhurst up past Pinehurst which saw average prices increase to almost $1.092 million vs nearly $916,000 last year. The central-east portion of Seattle which includes Capitol Hill (Montlake Cut to I-90) saw a large increase as well up over $1.295 million vs $1.248 million last year. Queen Anne and Magnolia combined to be up as well.
Seattle real estate compared to King County as a whole is slightly inconsistent since county sales are down overall (2,304 sales vs 2,718) while up in most areas in Seattle, but King County average price is like Seattle in that it is also up ($882,729 vs $845,614) this June.
West Seattle Home listed by Nate Pearson
Seattle Condos – Less Condos Sold, but Prices are Staying Steady
The Seattle condo market is seeing less units being sold. For example, in Downtown/Belltown there were 30 sales this June vs 45 last year. This is consistent with most neighborhoods (although Ballard area saw the exact same as last June: 43). Average Seattle condo prices are up or down depending on the neighborhood. In Downtown/Belltown prices were up just over $881,000 vs just over $797,000 last June.
Seattle condo market compared to King County is pretty consistently. Number of sales in King County was down to 479 units sold vs 639 the year before. King County average prices were nearly identical to a year ago ($501,925 vs $501,807).
Washington Park Tower – Condo Available for Purchase
Bellevue Real Estate – Mixed Numbers on Eastside
For Bellevue real estate, the area of West of 405, which includes Bellevue, Medina, and Hunts Point homes continues to be far an away the most expensive in Washington State. There were 30 home sales in June for an average of just over $3.273 million. Both were down from the previous June (35 sales & $3.573 million). East of 405 Bellevue, home sales were down in number of transactions (72 vs 82) but up in average sales price ($1.193 million vs $1.181 million).
Mercer Island Real Estate – Is More Space Attracting More Buyers?
Surprisingly, Mercer Island home sales’ numbers are not better. Mercer Island has easy access to Seattle and often has more space than Seattle home. Nevertheless, the number of sales and the average sales price were both down compared to last year. Sales went from 51 last year to 32 this June. Average sales price went from $2.237 million to $1.878 million this year.
Mercer Island Home Available for Purchase
Need More Info on Mercer Island, Bellevue, Seattle Real Estate?
If you need more information on the real estate market, whether residential or condo market, then please reach out to a residential real estate broker.