September 2024 Market Snapshot
As we head into September, we look back at market statistics for August. August typically is a slower time for the market but we saw an increase in sales (slightly) and decrease in inventory. If you are actively looking for homes right now, you probably have been anxiously watching every week for listings. There does not seem like there was a lot out there. Some homes and price ranges are pretty hot. Our office had a recent Belvidere listing priced at 1.1M. An aggressive early offer of 1.3M had it under contract before the review date. Another competitive situation had a North Admiral home (that one of our agents put an offer on), recently listed for 641k and received 13 offers and went well over 100k over. While not every home is that competitive, well-priced homes in good locations are selling quickly and for more. We anticipate inventory to rise in the coming weeks as September-Mid October have historically been the second selling season (March-May being the first).
August pricing took a bump up. Probably due to July having a lower median and the lower August closed sales were for higher priced homes.
Inventory took a dip in August as more existing inventory got accepted offers. It seems more sellers waited until after Labor day to list. We saw 45 new listings come out in the past week since the Holiday.
Slower month for closed sales. 29 of these received higher than list price offers. We'd expect the higher pending numbers (96 pending homes left) to close this month bringing this number up.
The overall West Seattle Market remains pretty strong. Price and inventory are up as are sales. Interest rates are at their lowest point since March of 2023 (6.35%) for a 30 year fixed. Many buyers are able to buy down their rates into the 5's, with discount points.
The most active ranges over the past 6 months remain 700-799k (townhomes and DADU's) and 1-1.25M (residential homes). The higher end market seems to be fairly active as well. 58 homes have sold for between 1.25-1.5M. Thats almost 10 a month!
The Seattle market overall is fairly good. Pricing and inventory are slightly down and likely due to summer slow down. We expect the market to pick up the next several week as we head into fall. Lower Interest Rates and upcoming election remain as the wildcards that will shape the upcoming fall market.