Autumn is usually a time when we see the real estate market slow down a bit. However, that has not been the case so far in many of Seattle’s neighborhoods this fall. How is your area shaping up?
Inventory of Listings
The shift in inventory as we head further into fall is very interesting! A decrease in inventory is expected as our spring and summer are our busy real estate season. However, the number of homes under contract has increased significantly in Central Seattle and Queen Anne/Magnolia along with the decrease in inventory, spelling an uptick in demand in these areas.
Demand, as measured by homes under contract, has decreased in Belltown/Downtown. Ballard/Greenlake and North Seattle are about even.
Below is a table comparing the number of active listings (supply) and pendings (demand) for several of our Seattle neighborhoods:
Median Sales Prices
Year over year median home prices have increased in most areas except Belltown/Downtown. In Queen Anne/Magnolia and North Seattle, prices have continued to increase significantly over last year. Since demand for homes in these areas have continued to be high, the prices have continued to increase.
This has been an intense year for Seattle real estate and the market continues to be brisk despite heading into our “quieter” time. I encourage you to contact me at sold@windermere.com or give me a call: (206) 226-5300 to learn more about what this market means for your real estate investment. Knowledge is power!