On the Eastside, the median price of a Single Family Residence (SFR) increased slightly to $1,575,000 in September, an indication that increased buyer activity offset higher inventory. The median price of an Eastside condo also increased a small amount to $730,000. In Seattle, the median price of an SFR decreased again to $975,000. Seattle condos remain in a buyer’s market with an excess of inventory resulting in a 12% decrease in the median price to $523,687. In both areas market times lengthened, which is normal for this time of year.
September traditionally marks a peak in inventory, with the number of new listings decreasing monthly until January. With current higher inventory and favorable interest rates, I am finding excellent opportunities for my buyers. Recently, I was able to secure wonderful homes for 2 of my VA buyers at excellent prices, with significant seller concessions. VA loans allow zero down and can be less appealing to sellers versus more traditional financing. This can make it challenging for VA buyers in a more competitive market. If you’re considering a real estate purchase, I strongly recommend acting now. The market remains competitive for well-priced, updated, professionally marketed homes in desirable areas, so buyers need to be prepared to act when they find the right property.
For sellers, if you are unable to list by the end of October, you may be better off waiting until mid-January. It often surprises people to learn that the best time to sell a home in our area is the first quarter of the year. It seems logical that selling when the weather is better, in late Spring/Summer would be best, but that is not the case. Our market begins to slow in May and, other than a typical rally between Labor Day and the end of October, the slowdown continues through the end of the year.
If you’d like to strategize regarding your next real estate transaction, please stop by one of my open houses or give me a call!
