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Eye on the Market (July 2014)

real estate statistics

The June NWMLS stats show home sales in King County were up over the same time period last year with the number of listings up by 6%. While home inventory is on the rise throughout King, Pierce and Snohomish Counties, home prices are also still increasing; although more slowly than earlier in the year. Interest rates remained steady, almost mirroring 2013 rates from the same time last year.

For sellers, the slowing of price increases, coupled with interest rates holding steady may signal to sellers now is the time to enter the market and get the best price. Buyers not yet fatigued by the competitive market still fell optimistic about their changes, despite tough multiple offer conditions.

Homes priced properly are moving fast; many deals are coming in at more than the asking price. The Seattle Times reports recently released NWMLS stats for June showing 68% of homes on the market in Seattle sold in the first 30 days and 57% of homes on the Eastside sold with the first month. Additionally, homes over $1 million are selling at a higher volume than they have since 2007.

August is also the month when the pace on both sides jockey for position leading into fall. Come September and the start of the school year, many families will want to stay put, perhaps for the remainder of the year.

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