Home prices are still rising across the Puget Sound, but the month’s supply of listings is beginning to improve slightly, and could mean a slow relief for buyers.
“We might actually be starting to move very slowly back toward a more balanced market,” OB Jacobi, president of Windermere Real Estate, said in a statement.
In July, Eastside home prices increased by 10.42 percent over the same month last year, to a median price of $662,550. While still a significant increase in price, it is a slower increase than in recent months when June had a 11.05-percent increase and May featured a whopping 12.55-percent increase.
July’s activity shows active listings at the highest level since September 2015, and the number of new listings topped 12,000 for the third consecutive month. Some brokers, including Multiple Listing Service Director Frank Wilson, believe activity will slow slightly as families prepare to send children back to school and the busy season comes to a close.
“July was the best July in history in the Puget Sound real estate market,” J. Lennox Scott, CEO of John L. Scott Real Estate said in a statement. “In fact, we just wrapped up the best three months for sales activity in the history of the four-county area. We’re in a frenzy hot market with a large backlog of buyers. Over the last three months more listings have come on the market, and that additional inventory gave us the boost to make July 2016 the best July ever.”
Even though each listing is still garnering multiple offers, the speed at which homes are selling is slowing a bit. Instead of 90 percent of homes selling within the first 30 days, the pace has dropped a touch to 70 percent selling in the first 30 days. One mark of a healthy real estate market is only 30 percent of homes selling within 30 days.
Those who watch the real estate market are expecting current conditions to hold steady into summer 2017, including a severe shortage of homes for sale near job centers, new listings leading to higher sales activity, and historically low interest rates.