July 2024 Market Snapshot

West Seattle house prices stayed pretty flat last month. This followed seasonal trends of price peaking in March, April and May and then stabilizing in the summer. Inventory was slightly up (but a good chunk of available listings were the ADU/DADU/Condo models). Increased Pending sales shows it was still an active market; with better conditioned, strategically priced homes still going quickly and with seller preferred terms.

Price gains were up 5% YOY and 44% more homes on the market a year ago. Interest rates continue to be a big factor. We are still seeing buy downs as a way to potentially get through the next couple of years.

2024 is following the previous years trends of summer price stabilization.

The numbers show inventory is rising, but we think the inventory of homes and non-HOA townhomes is lower than in previous years. The inflated inventory is due to the increase of ADU/DADU residences.

Seattle metro actually saw a decrease in median prices and closed sales (Month over month). Pending numbers are still pretty stable but show a less chaotic market overall. We would anticipate a ‘more of the same” as we head into July. August is typically a pretty slow month sales wise before the fall market ramps up.