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Seattle Real Estate Market Update July 2019

Aaron Janus

Aaron first attained his Real Estate License in 2004 while working in the Property Management arena...

Aaron first attained his Real Estate License in 2004 while working in the Property Management arena...

Jul 19 4 minutes read

Seattle Real Estate Market Update Video for July 2019

Featured Listing

--- Available Now ---
Bright + refreshing waterfront West Seattle condo with floor-to-ceiling windows that provide sweeping mountain + Sound views! Enjoy a calm start to your day from your private covered deck. 

What's New This Month?

Greetings everyone. Happy summer to you! Aaron Janus here, with the JanusGroup at RE/MAX Integrity in Seattle, Washington, giving you a real estate market update for July 2019.

This month we're going to focus in on Seattle and the Eastside. Typically we're talking about these King County numbers, and as everyone knows, as the market has gotten so hot here in the core areas, it has pushed people out. Looking at all of these numbers together in the county kind of skews things a little bit. Right now the outlying areas are a bit hotter than we are in Seattle and on the Eastside. Our business is mainly focused on Seattle and the Eastside: Bellevue, Redmond, Kirland, and Issaquah. So we're going to focus on those numbers - which I know you're dying to know. 

A few things to know in Seattle: Home prices are pretty flat, and in some neighborhoods even slightly depressed. The median sale price in Seattle right now is $700,000. There's definitely more inventory year-over-year, but still only 2.4 months of homes for sale. It technically remains a seller's market. And we talked about this last month, too. It's interesting, depending on what type of product (single-family home, condo, townhome, etc) we're talking about, and what neighborhood, it doesn't seem like a seller's market in some of those areas. In the city of Seattle there is roughly two and a half months of inventory, which, technically, is a seller's market. 

Some interesting things on the Eastside:

Home prices are also flat compared to one year ago, or down. In Bellevue they are down 3.5%, down 3.1% in Issaquah, flat in Kirkland and up 8% in Redmond. The median sale price on the Eastside (Bellevue, Issaquah, Kirkland and Redmond) is $859,375. The number of new listings coming on the market is down 11% year-over-year.

If we look at the median days on the market, it still remains in single digits -- median, of course, means half less and half more -- single digits in Seattle, 9 days on the market, and on the Eastside, is a median of 8.75 days.

As you may know, I am neither a predictor of the future, nor an economist, but I did stay in a Holiday Inn Express last night. We are still seeing a healthy influx of people relocating to the Seattle area -- Amazon has something like 11,000 open jobs posted. I'm just not that worried. There are still a lot of people moving here. Home prices are not rising as quickly as they have been in the past few years, and in fact, they are quite soft, and in some areas, they are a bit down, but things are still pretty good. 

As always, we'd be happy to assist you, your friends, family, neighbors, and colleagues with buying, selling, investing or property management needs in Seattle and the Eastside.

Thank you and we'll see you next month. Cheers.

RECORD SCRATCH

But wait, there's more!
Oh, hi there, I'm Brett and I do the marketing here at the JanusGroup. I wanted to let you know that we have two awesome listings in Seattle right now that you can check out in these video clips here:
Queen Anne townhome
West Seattle waterfront condo
If you want to learn more about these Seattle listings, check out the links below for more information.
Thanks, have a great day!

Featured Listing

--- Accepted Offer ---
Fantastic three bedroom, three bath Queen Anne end-unit townhome complete with radiant floor heating, crown molding and a two car garage! 

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