August 2024 Market Snapshot
West Seattle residential prices trended down in July. It’s a pretty big drop Month over Month from June, but not far off last year. We typically see a slow down in activity and prices in the latter half of summer. The drop off is likely attributed to more homes selling in the mid tier price ranges. 30 homes sold for between 700-800k. A lot of those were the ADU/DADU models. Also, we didn’t see as many competitive offer situations as did in the early spring (where escalating offers can drive median up 10-15%). Of the roughly 114 homes that sold in July, 29 homes received escalations of 10k and higher. 76 of the sold homes actually sold for list or under. Some homes sold really quick and for more. But, a bigger percentage sat on the market for longer and sold for less. Sitting on market longer can be attributed to less demand but might be more of less attractive inventory (location, condition, or something else). Summer buyers tend to be more fickle than the spring market (and spring homes might be more turn-key).
You can see the big drop in price, Month over Month. Likely too early to call it a trend. Eyes will be on the September market which historically shows more activity.
Inventory is up. The average days on market for this inventory is 63 days.
The average days on market for the 114 sold homes was 20 (with a median of 7). So, house are selling or sitting. Market prep and pricing are paramount.
The greater Seattle metro area bumped up in price a little MOM, and a lot YOY. But seems more of a blip (June pricing was down). This should remain stable or drop a little as we head into August and September. Interest rate cuts and pre-election jitters remain the 2 wild cards.
2024 half year take aways:
For sellers, seasonal timing and being market ready help for a successful outcome.
For buyers, be patient and ready to pounce (and be ready to pay) or be willing to overlook some home defects (and maybe pay a little less).