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State of the Real Estate Market: July Report

Posted by Johnine Larsen on August 11, 2015
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It’s a hot summer, and we don’t mean the weather. We aren’t seeing the usual summer slowdown this year, due to the high home prices and inventory shortage that have frustrated buyers all spring. This seller’s market continues to sizzle.

But Seattle’s real estate market is barely cooling down. When July’s numbers rolled in, they showed that things have slightly—only slightly—taken a turn toward normal.

 

Prices

The cost of buying in Seattle hasn’t dropped, but the rest of King county is experiencing a faint dip.

                                                                 July ‘15           June ‘15         July ‘14

Seattle median home price:          $575,500       $575,500       $543,500

King County median home price: $485,000       $500,000       $468,000

 

Listings

Here’s where we see that slight cooling. Inventory is up from June’s 1.18 month’s supply to a 1.22 month’s supply. But when you compare that to a “healthy” 4–6 month, you see just how far we still have to go before anyone can consider Seattle normal. In some areas, such as Ballard, Fremont, and Green Lake, current inventory is down to a miniscule 0.5 month’s supply.

                                                                     July ’15              July ’14

New King county listings:                   11,198                11,437

King county sales:                                  11,216                 9,615

Total active King county listings:       21,069                26,813

 

For buyers

This isn’t good news yet.

According to a Seattle Times poll last month, “the single biggest reason” keeping people from buying a home was affordability. Another one-fifth said lack of inventory prevented them from finding a home they wanted to buy. Those reasons will, unfortunately, remain.

At the rate Seattle is growing, and with very little land left to develop, you can expect prices to stay high and inventory to stay low. It is possible to find a home in this real estate market, but a real estate agent is all but a requirement. Fortunately, we’re here to help.

 

For sellers

It’s still your market.

If you want to sell your home high above what you paid for it, there’s no time like the present. According to RealtyTrac, for the first half of this year, sellers in King county averaged a 20 percent gross profit. To put that in perspective, the average national gain was 13 percent. Seattle sellers enjoyed one of the highest average profits of any U.S. metro area.

Selling your house only to re-enter Seattle’s market as a buyer isn’t necessarily a good choice at this point (it depends on how much you can upgrade), but if you’re looking for a new city? Sell, sell, sell.

  • Sarah Donaldson
    Sarah Donaldson
    18:44 18 Jul 19
    Darcie was such a joy to work with. She felt like family during the sale of our house and the search for our new home. We may have found our forever home, but if we ever need a Realtor in future, Darcie from Real Estate Gals will be our first call.
    Brian Heagler
    Brian Heagler
    16:55 02 Jun 19
    I have worked with Johnine and her team for 19 years and have always received personal, knowledgeable and professional service and attention! There is never and pressure and they will guide you away from a property when appropriate, which is always appreciated when a market is hot and the tendency is to move quickly. I trust them and have never been let down!
    Anne Slater
    Anne Slater
    18:03 25 May 19
    Johnine Larsen is fabulous! She listened and came up with ways we could get what we wanted in a house and stay within our limited budget. When we found the house we wanted, she moved super fast to get the house inspected and implemented creative ideas to make our offer appealing. And out of 13 offers, we were selected and got our house. I recommend her to anyone buying a home.
    Amy Burdick
    Amy Burdick
    19:13 24 May 19
    Real Estate Gals made sure we found our perfect house! Then, when we were up against other bidders, Johnine worked tirelessly to ensure we were tops! Her extensive real estate experience combined with exceptional character and integrity provided peace of mind throughout the process. She also made sure we received the right value as a seller and got the transaction done quickly and efficiently. Simply stated: there is nobody better to help you find your dream home.
    Bill Hollman
    Bill Hollman
    22:21 19 May 19
    I'd give Real Estate Gals 6 stars if I could. We have used them multiple times, both in selling and buying homes in Seattle and the surrounding area. I can't say enough about the professionalism, knowledge, and patience they bring to the task of buying a new home, or selling your current residence. And they know the Seattle area so well, they'll offer valuable insights into the pros and cons of any location you may be to considering. Look no further, call Johnine at Real Estate Gals. You will be glad you did!
    Beth Guerra
    Beth Guerra
    01:14 18 May 19
    Johnine was a breath of fresh air in the real estate market. She listened intently to our wishes and goals, and was tireless in her search for our perfect house. She is well versed in both Seattle and the surrounding areas. She made sure all the details were taken care of after the inspection, and made the closing process seamless. She even gifted us with a housewarming present. Nearly 7 years later, we still receive holiday cards and well wishes. I highly recommend Real Estate Gals and will look no further in the future.
    Aidan Key
    Aidan Key
    15:44 17 May 19
    Johnine and the Real Estate Gals brilliantly took us through the home buying process two different times. Their willingness to educate (I was new), hear our home hopes, and support us through the process are a few of the reasons that I highly recommend this team. Speaking of a team, I love their collaborative business model - it meant that we--the home buyers--always had a returned phone call and an ability to look at a house on OUR schedule. Truly felt like they place the customer first!
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