The average Seattle-area home is selling BELOW LIST PRICE for the first time in four years! Buyers, rejoice!
…but not too much.
First, more about the good news. Across Seattle and the surrounding metro areas, the average house is selling for 0.6 percent below its list price. Compare that to last May, when homes in Seattle were selling for 6.3 percent above the list price, and you can see a clear reason to get excited.
This also accompanies a decrease in list price. Last month, home prices in Seattle fell more than anywhere else in the country. In hard numbers, listing prices have dropped a whopping 7 percent ($55,000) since last spring. The median King County house now costs $668,000. The Snohomish County median house costs $485,000, and the Pierce County median house costs $353,000. Minus 0.6 percent, of course!
For buyers and sellers, these changes mean fewer bidding wars, slower sales, and fewer waived inspections. This is a very welcome relief for buyers, who have faced all sorts of stress and frustration these past four years as they’ve watched prices climb and climb, and as they’ve been outbidded time and time again in multiple-offer scenarios.
Okay, that sounds great, right? Buyers can finally find houses! Seattle’s getting more affordable!
Well, not quite.
Annually, housing costs are still rising in Seattle. They just aren’t rising as fast. Things are improving for buyers, but the market is only dropping down to what a normal real estate market looks like. Dropping, but not there yet. In fact, Seattle home prices in 2018 have risen 9.6%, compared to the national average of 5.8%.
So buyers, you should celebrate, but not recklessly. Buying a house is still a major decision, filled with risks and complications. The best option: talk to us. We’ll educate you about the housing market, look at your goals and financial situation, and recommend homes that fit you. We’re on your side. This work isn’t about the money—it’s about community.
