NWMLS September Update
The greater Seattle real estate market is still strong, but with expectations sky-high for the past year plus, the market is perceived by some to be frigid. Nevertheless, when analyzing the numbers, one can see the market is still historically strong. For example, King County had 4,738 active listings at the end of September which is up 98% from last September (2,391). However, active listings are down 13% from pre-pandemic September (2019) which had 5,431 active listings. Furthermore, three to six months is considered an even market for home buyers and sellers. Once again, last year was 3 weeks, not 3 months, BUT 3 weeks of supply across the NWMLS. Meanwhile, this September we are at 2 months, which is still a seller's market which is way up, but still historically a seller's market. The prices reflect this. For example, prices are still up from the previous year. Median prices across the NWMLS are up for homes 4.75% and 9.2% for condos. In short, despite the fact that since last year active listings have nearly doubled and pending sales are down 31%, the end result is prices are still rising.
While the average price of Seattle homes exceed $1.1 million this pales in comparison to Mercer Island ($2.945 million) and Bellevue ($1.845 million). In addition, unlike Seattle, Bellevue is surrounded by small cities and towns where most of the luxurious of the luxury real estate is found. The area between Bellevue and Lake Washington sits Clyde Hill, Medina to the west and Hunts Point and Yarrow Point to the northwest. There, only two homes sold in the month of September in those areas, one for nearly $5 million and the other for nearly $2.5 million.
More Real Estate Expertise
For more real estate July updates click her for the latest greater Seattle area real estate report or contact a Ewing and Clark real estate broker for commercial, residential, or property management expertise.
[Picture: Seattle Condo available for $449,000]