Seattle’s Eastside June Market Update

Inventory rose to its highest level since the summer of 2015 (35 months ago). At the end of June 2018 there were 1,527 Eastside single family and condominium homes for sale, up 46% from the same time a year ago.

Pending Sales for the month of June 2018 were 1,228 down 10% from 1,367 in June 2017.

Both of these statistics indicate a shift in the market, but we are a far way away from a buyer’s market as evidenced by:

  • Median closed sales price is up 7% from a year ago
  • 51% of properties that sold, sold for more than the asking price
  • Almost 77% of the properties that sold had 15 days or fewer on the market
  • Month’s supply of inventory is 1.2

Part of the shift is seasonally. It takes sellers longer to prepare their homes for sale, than it takes buyers to become buyers., The result is higher demand relative to supply early in the year easing in the second half of the year. The current trends are beyond seasonality and are the result of more sellers coming on the market. Specifically, in the three months ended June 30th, 2018 there were 4,724 new listings taken compared to 4,298 for the same period in 2017. That is an additional 426 listings which is similar to the 483 increase in active homes for sale (1,527 June 2018 vs. 1,044 June 2017).