Market Predictions for the Fall

Summer has come to an end and the Seattle market tends to move at a slower pace as temperatures drop.

The Northwest Multiple Listing Service (NWMLS) recently released their August statistics and is showing less than two months of home inventory in King County. Essentially, this means it would take just under two months to sell any given home in King County, a pattern that has been consistent in the area for some time. Real estate experts define a balanced market of having four to six months of inventory. As fall moves into full swing, it’s predicted that inventory will slightly decrease, or remain about the same.

In terms of year-over-year, single-family home prices in Seattle and on the Eastside have flatlined. In August 2018, the median home price for a single-family home in Seattle was $760,000. One year later, and that value remains the same. This also rings true for the Eastside: Eastside single-family homes sold for $935,000 in August 2018 and August 2019.

While August is usually slower on the seller and buyer side, the Seattle/Eastside area did see an increase in pending listings from last year. This indicates buyers are still out there and willing to make an offer, if it’s the right one. Compared to August of last year, Seattle reported a 12% increase in pending listings for single-family homes, while the Eastside reported a 1.9% increase.

So, what’s next for our region? Interest rates remain low and job growth in the Puget Sound is positive, all of which are signs of a healthy economy and strong real estate market. Analysts predict that September and October are going to be the best months to consider purchasing a home in terms of availability, selection and pricing. The Seattle-area is used to having a bustling market with multiple offers and large price increases, but this cooldown period provides some relief to buyers, sellers and even brokers.