Many people take vacations during the Summer but our Eastside housing market is opting out of vacation mode. While some weather forecasters had predicted July to be downright hot, it turned out to be a pretty standard July weather wise. After a couple of months where the market seemed to be cooling a bit, things leveled off in July and the market stayed comfortably active for both buyers and sellers. As always, there are interesting things to look at each month so let’s dig in.
Months Supply of Inventory. It’s a term that real estate professionals use to assess the overall health of the housing market health. The lower the number means that there are fewer active listings compared to sold properties. That’s good for sellers. The higher that number means there is a lot of inventory compared to sold properties. That’s good for buyers. As the chart shows, the months supply of inventory in July, 2019 was 1.8 months, the same as in June, 2018. While pending transactions are still strong, the number of active listings grew by 10% year over year. It’s worth noting that these rates of growth were a bit less than increases we saw in May. 1.8 months of supply is still historically low and indicative of a seller’s market but the inventory trend continues to rise which is good news for buyers.
The median price for residential properties stayed relatively flat, falling slightly from $947,500 to $925,000, a two percent decline.
I love this next graph which compares not only July, 2019 with the prior July but also with the previous month of June, 2019. These numbers continue to tell a very interesting story for sellers. In June, 2019, 41% of sellers were able to sell their home at or above the list price compared to 55% of sellers in June of 2018. And, was a further decline from June, 2019 which saw 48% of sellers with the same experience. At the opposite end of the spectrum, 59% of sellers had to sell their home below list price or had to do a price drop before accepting an offer. This indicates how important it is for sellers to properly price their home out of the gate.
We know that there are submarkets in every area market based on price. This next chart shows a breakdown of closed sales in 7 different price segments on the Eastside compared to the same month in the prior year. Clearly, the 500-749K segment is buoying the rest of the market.
Finally, here is a summary section with some added details.
So, what do these numbers tell us? We had several months were inventory was increasing relative to buyers but that stalled in July and the median price is stable, year over year. We are certainly not seeing nearly the number of multiple offer scenarios and many more sellers are experiencing the challenges of a home not priced properly. More days on the market, more time waiting and more uncertainty.
If you would like the entire market statistic report packed with even more interesting charts and information, please email me at email@example.com and I will send it your way. In addition, please let me know if you would like a complimentary market analysis of your home or if you know someone who is looking to buy or sell.
*All statistical information created by Windermere Real Estate/East Inc. using NWMLS data, but information was not verified or published by NWMLS.