Typically, a busy time of the year where both listings and purchases increase, the spring and summer months see an uptick in activity. Despite continued high interest rates, this year has been no exception. Buyers, we’re seeing an increase in inventory after several months of a drought, meaning that if you start your home search now, you can do so with more properties to choose from than in the recent past. Sellers, if you’ve been on the fence about trading in your lower mortgage rate for today’s higher one, maybe the increase in median sales prices will encourage you to step off the sidelines and make your move.

Seattle Market

According to a recent Seattle Met article with data sourced from the NWMLS, the Seattle median sales price is up by 6% year over year. Sellers have returned to the market in full force, with a year-over-year increase of 36% in listings. The Seattle Times recently reported on the city’s market correction after the highs and lows caused largely by the pandemic, and Seattle’s 2.7 months of supply indicate a market inching its way to a more balanced/neutral state.

Eastside Market

On the Eastside, the median sales price has skyrocketed by 17% year over year, now up to $1.7 million. With a similarly large increase in listings, now up 14% compared to June of last year, the market should reach a more balanced state. However, with 1.5 months of supply, it is still considered a seller’s market.

If you’re ready to make the most out of this hot market and achieve your buying or selling goals, please contact me today. I’d be honored to advise you on your real estate journey with my market expertise.