August stats reflect the expected continuing summer slowdown as attentions turned toward final summer vacations and back-to-school preparation. The median price of a Single Family Residence (SFR) on the Eastside went down 2.7% to $1,537,500 and the median price of a Seattle SFR decreased a more significant 9% to $1,000,000. I did, personally, see a rally in the last week of August as 3 of my listings sold within days of coming on the market! Interest rates hit their lowest level in 11 months last week, so I anticipate the opportunity to negotiate both price and terms will likely diminish as more buyers enter the market.
Condo prices continue to be erratic. On the Eastside, the median price was $717,500, up 14% from July after a 19% drop June to July. Similarly, the median price of a Seattle condo increased 8% to $595,000 after a 7% decrease the previous month. It remains a buyer’s market in Seattle for condos with a lot of inventory and sluggish sales. As I mentioned last month, HOA dues and deferred maintenance require due diligence to discern a good deal from a potential moneypit.
As Fall approaches, it’s a great time to get your furnace serviced to avoid potentially expensive emergency calls when the temps drop. It’s also a good time to schedule winterization of your outdoor sprinkler system, ahead of the rush. Let me know if you need any referrals or if I can be of assistance with your real estate needs.
