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Seattle’s already historic housing prices boomed again in June

Seattle’s median sale price rose 5.1 percent from May to June

Redfin has released a new report regarding the June housing market and, nationally-speaking, it was the fastest and most-competitive we’ve ever seen.

In June, the typical home went under contract in 41 days, the shortest time on record, and four fewer days than we saw last June. And 25.9 percent of homes went off the market in just two weeks, up from 22.6 percent last year.

Months of supply dropped to its lowest level at 2.8 months, indicating buyer demand outstripped supply by the widest margin we’ve seen in seven years. Buyers responded to the tight competition by making aggressive offers. The average sale-to-list price percentage hit 95.5, a the highest ratio we’ve seen, up from 94.9 percent last year. And 23.6 percent of homes sold above the list price, up from 22.2 percent last year.

What about in the Pacific Northwest? Well, if you’ve been trying to buy a house you already know but it’s been nutty.

Denver was the fastest market, with half of all homes pending sale in just 6 days, down from 9 days from a year earlier. Seattle and Portland tied for the next fastest market with 8 median days on market.

And where there are short median days on market, there are rising housing prices.

The Pacific Northwest was another region that saw strong price acceleration last month. Portland median sales prices rose 12.3% to $347,000, Tacoma was up 12.0% to $285,000 and Seattle was up 11.4% to $462,500.

That 11.4 percent is actually a yearly growth. That median sale price number is actually 5.1 percent higher than the previous month, which is still pretty nuts considering how much prices had already been climbing for the past two years.

We did see a big uptick in supply, however. Seattle had 5,674 houses for sale in June, which was up 10.6 percent from May. Unfortunately, that still leaves us 19.5 percent lower than where supply was this time last year. Not to mention that new homes for sale (6,221) is only barely staying ahead of homes sold (5,415), the latter of which saw 16 percent growth in June.


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