Local Market Update – August 2024
As temperatures rise, so has the supply of for-sale homes in our area. Last month, active inventory continued its upward trajectory, which is leading to some summer price stabilization. Every region represented here saw a rise in the number of single-family homes and condos for sale in June. And while median sold prices did increase over last year in most cases, theyThe lazy days of summer are upon us, but home and condo sales are not the least bit idle. Just last month every area in this report saw more homes sell and for higher median prices than a year ago. And this month we’ve witnessed the year’s single biggest one-week drop in mortgage rates, which have fallen to the lowest level in 15 months. Paired with declining mortgage rates is rising inventory, with each of the areas below seeing a year-over-year increase in the supply of both homes and condos. These trends give late-summer hope to buyers who just a few months ago faced fierce market headwinds. Late summer typically sees a much slower market, but this year buyers might just be inspired and incentivized to make things hum more than usual.
In King County, the median sold price for a single-family home increased 11% year over year, up from $897,500 in July 2023 to $999,000 last month. That reversed a price decline between May and June, after May’s record high of $1,001,000. Unit sales of single-family homes also increased in July, up 10% year over year. King County condo prices also rose last month, up 4% year over year from $510,000 last July to $530,000 last month. The number of active King County condo listings is up dramatically over last year, with a 64% jump between July 2023 and the end of last month.
Despite having the region’s highest supply of homes as measured in months of available inventory, Seattle saw the median sold price of a single-family home rise 8% year over year, from $957,000 in July 2023 to $972,500 last month. The number of Seattle homes sold in July was also up 8% from a year ago. Seattle condo prices rose 2% year over year from $550,000 to $559,000, while the number of active listings rose by 44% over a year ago. Unit sales of condos dipped by 14% last month versus July 2023.
On the Eastside, home sales were robust last month, with 32% more homes changing hands than a year ago. This was accompanied by an 8% year-over-year price gain, as the median sold price of an Eastside single-family home stood at $1,620,000 last month, slightly down from June’s mark of $1,635,000. In July, 43% of home sales closed above asking price, compared to the year’s peak of 59% in April. And July’s condo prices rose 5% year over year to $627,500, despite an 83% increase in the number of actively listed Eastside condos.
By the end of July, the number of for-sale Snohomish County homes was up 38% year over year. Despite this, the median sold price of a single-family home rose 9% compared to July 2023. The Snohomish County condo market experienced a similar dynamic last month, with the median sold price rising 13% (from $495,000 a year ago to $560,000) despite a massive (137%) jump in the number of listed units. Last month, 21% more condos changed hands than in July 2023.
Similar stories are reflected throughout the markets reported above: growing supply meeting steady buyer activity leading to prices that are also holding steady. Some of these dynamics may seem counterintuitive, but they reflect a transitioning market and, combined with lower mortgage rates, a season of renewed opportunity for many buyers.
Whether you’re a buyer or seller, as your Windermere advisor, I can shed more light on how best to navigate this market to your advantage. Questions? Let’s connect, email, call or text me anytime!
