Seattle Real Estate Market Watch 6/27/23

Hey all, it’s Zach McDonald, your real estate agent with Real Property Associates, and this is my Seattle Real Estate Market Watch for June 27th, 2023.

Well, the housing market in Seattle’s been heating up, as I’ve been mentioning here over the past few months, but interestingly not everything’s selling right away as we’ve been talking about as well. So we have this kind of both and market over the past couple weeks. I’ve had three buyers get under contract. One of them has made offers on multiple properties in North Seattle and been beat out. Finally got their offer accepted on a house in Shoreline, which is awesome for them. We had a buyer in Everett compete against multiple offers and win and then a buyer in Kirkland who offered on a condo that had been sitting on the market for a little while. So three different scenarios, different locations and all little different stories. We also had one of our listings in Kirkland that’s right off of a busy road go pending here this week, which is exciting.

But at the same time, we have a listing in Edmonds here that is gonna hit its offer review date most likely, and not have multiple offers. So I think if you’re still, uh, you know, looking to buy here this spring and summer, you’re not necessarily competing against multiple offers. And I know I’ve told stories here over the past few weeks of those situations because I’m experiencing them, they’re real. But at the same time, there are still areas and houses where you’re not competing for the purchase. And this house in Edmonds, little News Flash, will still available here as of today. So if you have somebody or you are thinking about making a purchase in Edmonds, this might be a good house for you. Now let’s jump in to the data here from uh, 6/27. And again, this is Northwest multiple listing service data, north west MLS data as of uh, today.

And this is for King and Snohomish County. So we’re putting the two together for this market watch to give a good broad approach to what the market’s doing in the Seattle metro area. Now, if we look at new listings, 593 new listings over the past week compared to 561 last week, and I mentioned listings have started to pick up and it’s a bummer for the Edmonds house because there wasn’t anything like this listing here. And then all of a sudden, like five different houses in Edmonds and a couple in Lynnwood that are all within maybe two, three miles, very similar houses all come on at the same time, right? So talk about supply and demand, right? If you only have one house, everybody’s going for the one house. If you have six or seven or 10 or however many there are, now all of a sudden that interest is divided over the other houses.

And that’s the problem we’ve been having so far this spring, is that we just haven’t had enough inventory. There are fewer buyers, but also so much fewer listings at the same time that it’s caused this competition even with the higher interest rates. Now, if we look at the rest of the data, you’ll see list price reductions 304, which is more than last week, 280. So things are not always selling above asking price, right? 304 list price reductions and including that Kirkland listing I mentioned we were at 716, we came down to 700 and then it sold almost immediately at 700. Now that again was a list price reduction and it caused a sale, but that house needed a little bit of time on the market before it sold. Now contingent sales, 21 versus 20 last week mentioned this is a good barometer for if there is even room for it, and there still is room for contingent purchases in this market.

But again, it’s a very small percentage of the purchases, so it’s not a slam dunk. But if a house has been sitting on the market for a few weeks, you might have a chance as a contingent buyer. In fact, the Kirkland listing, I mentioned at our offer review date, we had a contingent offer that was very good, but unfortunately there were some issues, uh, on the buyer’s side and they weren’t able to complete the purchase, but that was a contingent offer that we accepted. So contingent offers are still a real thing, and again, that’s contingent on the sale of your house pending listings 853 versus 829 last week. So pending listings have been picking up here, uh, as well. And again, the activity on the buyer side is keeping up with the listing activity. And when we see the data here next week when I do the Seattle Real Estate market updates and also the King and Snohomish County updates, we will see that inventory has picked up a little bit.

The amount of supply has increased a tiny bit, but it’s not going to be substantial. We’re also going to see that things have been selling over asking price and selling fairly quickly. But as we’re seeing, not everything is selling over asking price and not everything is selling right away. Sold listings 647 this last week as opposed to 589, we’re nearing the end of the month. So I suspect that this next batch will be a little bit larger as we hit the end of the month. And that’s just typical as you near the end of the month, people are trying to wrap up some of these closings. Um, sellers want to get it in before the end of the month move on. Buyers, same thing. They want to get into their house, especially as we’re heading into the holiday weekend. And as I mentioned, I’m buying a house right now and this house closes at the end of the month.

It closes on Friday, so we’re going to be moving in over the weekend, which is really exciting. But that also means that we’re going to be selling our other house here in a few weeks in Edmonds. So if you are looking for a house in South Edmonds, hit me up. You can, uh, just feel free to reach directly out to me. I’m happy to have a conversation or entertain offers for the house before we list it. Um, we haven’t even decided if we’re gonna be selling it officially, but I think that’s the plan. Um, if you have questions about buying or selling real estate here in the Seattle area, I’d love to be a resource for you.