Housing market slowdown? Coulda fooled us.
Redfin has released their August trend data and it revealed that while things might not be climbing like they used to, the Seattle market is as robust as it ever was when it comes to the speed of sales.
Seattle was the fastest market in the nation at 10 days, 61.3 percent of offers faced competition, and home sales increased 12.3 percent compared to last year.
“Every offer that we won in August we had to fight tooth and nail for, and there were many multiple offer and multiple cash offer situations for any homes or condos with easy access to downtown,” said Redfin Seattle real estate agent Kyle Moss. “Condos with no rental restrictions and single family homes in highly rated school districts are as in demand as ever, and it appears as though fall will be more competitive than summer this year.
Per Redfin, the Seattle median sale price actually stayed flat from the previous month at $450,000, but that’s still up nine percent from a year ago. They charted a three percent drop in inventory to 6,347 from July, a number that’s down 13.1 percent from August 2015. New listings couldn’t keep pace either as the 5,282 was off 8.3 percent from the previous month and 9.5 percent off from last year. One number that did rise was the number of homes sold (5,221), up 4.4 percent from last month and 12.3 percent from last year.