July '23 RE News (June Recap) #seattle #pugetsound

How Hot Will This Summer's Housing Market Get?

Brokers with Northwest Multiple Listing Service reported their highest volume of closed sales last month (6,842) since September 2022’s total (7,504) as buyers competed for limited inventory.

The number of active listings of single family homes and condominiums systemwide is down nearly 21% from June 2022 (10,607 versus 13,405). For single family homes (excluding condos), year-over-year inventory is down about 22.4%, while condo inventory declined 9.2%.

King County residential properties (single family homes) have had a 19.7% increase in the median sold price year to date (YTD). King, Pierce and Snohomish Counties all maintained less than 1.5 months of inventory. Sale prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago.

The number of homes for sale in the Central Puget Sound area in June was down 48% from the same month in 2019 (pre-pandemic). I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you don’t have to.

Let's see some median prices here:

King County $780,000 | -1.1%
Snohomish County $675,000 | -1.5%
Seattle $800,000 | 0.0%
Bellevue $1,310,995 | -6.4%
Redmond $1,180,000 | -2.5%
Kirkland $1,080,000 | -6.1%
Bothell $940,070 | +0.8%
Sammamish $1,500,000 | -5.1%
Issaquah $1,020,000 | +3.0%