Seattle Real Estate Market Update August 2014

Inventory of Listings

Below is a table comparing the number of active listings (supply) and pendings (demand) for several of the Seattle neighborhoods I specialize in: Central Seattle, Queen Anne / Magnolia, Belltown / Downtown, Ballard / Greenlake, and North Seattle.

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The above includes residential and condos.

As you can see, inventory dropped dramatically in all the tracked neighborhoods. It is normal for a surge of properties to come on the market at the beginning of the summer with a good percentage pending by the end (indicative of the increase in pendings) which is one reason the inventory has decreased. However, the number of available listings in August this year versus last indicates that inventory is still below where it needs to be to keep up with demand as we head into fall. Please see the below table for the inventory comparison between this last August and 2013.

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Median Sales Prices

Median Sales Price changes have continued their year-over-year increase in Central Seattle, Queen Anne/Magnolia, Ballard/Greenlake, and North Seattle year over year comparing August 2014 with August 2013. Belltown/Downtown did see a decrease. These prices are only looking at residential sales with the exception of Belltown which includes both residential and condos (since condos make up the bulk of the sales).

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What does this fall look like for your property needs? Start planning now by giving me a call or sending an email: (206) 226-5300 or sold@windermere.com.

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