Greater Seattle Real Estate Report, Aug 2022
Washington Real Estate Report
The Greater Seattle real estate market is becoming more even between buyer and sellers. Historically, 3 to 6 months of inventory is considered an even market, yet August saw 1.84 months of supply. During the previous year, it was not uncommon to see a supply of less than 1 month, but 1.84 months was actually down from July (2.01 months).
The theme continued through most of the numbers in August. That is to say, while things were slower than last year, August saw improvement from July. Last year there was 12,238 pending sales, with 9,552 this year. On the other hand, there was 8,775 in July. Similar trends could be seen in the number of closed sales. August had 7,998 sales which was up 4.6% from July, but down 24% from last year.
However, pricing saw a different trend. Median prices were up from last year, but down from July. The median sales price in August was $600,000, up 3.6% from a year ago, but down about 4% from July. In King County, medium prices were up 5.9% for homes and 5.9% or condos.
Thus, while the market has changed from last year, prices are up and inventory is still historically low.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, sales are down from the previous year, but prices remain high. Thus, the great Seattle real estate market has slowed in number of transactions, but not in sale price. Nevertheless, the future real estate market is hard to predict. Every real estate market brings new challenges. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront property on Mercer Island, a luxury home in Windermere, or your first Seattle home, please contact us
