There are extra houses on the market across the Seattle space, however buying one continues to get dearer, the most recent knowledge from the Northwest A number of Itemizing Service (NWMLS) present. The median sale worth in King County was $880,000 in July, up 7.25 p.c relative to the identical time final yr. Energetic listings jumped 39.5 p.c.
However possibly it’s not all high-priced, dour information.
“The housing market is loosening up,” with a possible lower to rates of interest on the horizon, the NWMLS notes. And consumers did come again to the desk, after taking just a little break—closed gross sales elevated 7.25 p.c county-wide.
Whereas any change in mortgage charges is predicted to be small, Seattle Occasions reviews, consumers and sellers are able to pounce on the first signal of a dip. That will help you get forward of the potential feeding frenzy, we seemed on the bigger market image for this month’s snapshot. Listed here are the areas in King County the place costs are gaining and falling the quickest.
Listing ordered by annual worth development.
Falling costs
2. Southeast King County
Energetic listings on this king-size a part of King County had been up 52 p.c in July, and gross sales ticked up 4 p.c. Whereas on the entire costs took a small dip, the Skyway space was the most important loser. There the median worth dropped 19 p.c to $605,500, at the same time as (a low quantity of) lively listings almost tripled over final yr and gross sales jumped 58 p.c. On the opposite finish of the southeast worth spectrum, the median worth in Black Diamond/Maple Valley elevated 6 p.c to $829,950. Closed gross sales had been down a smidge (1 p.c), and lively listings elevated 33 p.c.
Median worth: $695,000
12 months-over-year worth development: -1.97 p.c
Months of stock: 1.97
1. Southwest King County
All of the southwest suburbs took a worth hit in July. Closed gross sales had been down 6 p.c, however lively listings skyrocketed 61.5 p.c—probably the most in King County. Des Moines/Redondo had probably the most inexpensive median worth after it fell 6.25 p.c to $562,499.
Median worth: $590,000
12 months-over-year worth development: -3.3 p.c
Months of stock: 1.9
Costs rising
4. Vashon
Actual property on this group had a small worth bump in July, however there are solely so many houses on the island. Energetic listings had been up simply 8.7 p.c, and closed gross sales elevated 23 p.c over final yr.
Median worth: $772,500
12 months-over-year worth development: 3.7 p.c
Months of stock: 1.6
3. North King County
With the sunshine rail extension, it’s no shock that stock within the northern suburbs is tight, at the same time as lively listings elevated 33.7 p.c. The median worth in Richmond Seaside/Shoreline elevated almost 6 p.c, and closed gross sales fell 23 p.c. In Lake Forest Park, closed gross sales elevated 22 p.c, whereas the median worth remained unchanged.
Median worth: $847,500
12 months-over-year worth development: 4.6 p.c
Months of stock: 1.5
2. Seattle
Whereas lively listings within the metropolis elevated 40.8 p.c, costs additionally elevated—up 8 p.c. However closed gross sales inched about 1 p.c over final yr. In Belltown/Downtown, lively listings—all condos—had been up 22.3 p.c, and so was the value, which elevated 22.7 p.c to $650,000. That was the biggest hike within the metropolis. Nonetheless, closed gross sales—additionally all condos—had the biggest drop in your complete county—falling 28 p.c.
In North Seattle, the median worth climbed again within the hundreds of thousands—$1,035,000—after a 20 p.c bump in July. Energetic listings had been up 45.6 p.c, and closed gross sales posted a virtually 9 p.c enhance. Queen Anne/Magnolia reclaimed its spot as Seattle’s most costly neighborhood, after the median worth elevated 16.9 p.c to $1,245,000. Energetic listings soared almost 60 p.c, and gross sales had been up 3 p.c. SoDo/Beacon Hill posted the only worth decline in Seattle. Costs fell 5.1 p.c to $650,000, as gross sales elevated nearly 30 p.c. Energetic listings had been additionally up about 30 p.c.
Median worth: $875,000
12 months-over-year worth development: 8 p.c
Months of stock: 2.6
1. Eastside
Eastside costs popped off in July. So did closed gross sales, which had been up 29 p.c over final yr. Stock, nonetheless, didn’t—even with an nearly 24-percent enhance in lively listings. The median worth East of Lake Sammamish gained 23 p.c ($1,475,000), and closed gross sales jumped 26.4 p.c. Nonetheless, lively listings had been up simply 8.3 p.c. In Bellevue, west of 405, lively listings elevated simply 7.5 p.c whereas closed gross sales elevated nearly 50 p.c. The median worth fell 9 p.c to $1,865,000, which stays some of the costly enclaves on the Eastside. Mercer Island takes the highest worth spot: $2,220,000 after a 1.2 p.c enhance to median worth in July.
Median worth: $1,423,475
12 months-over-year worth development: 11.7 p.c
Months of stock: 1.4
