September often alerts the beginning of actual property’s offseason. However final month, droves of would-be sellers—motivated by the much-anticipated rate of interest minimize—listed their properties in hopes of attractive a purchaser earlier than the market hibernates for the vacations. Consumers, for essentially the most half, have been unmoved.
That’s in keeping with the most recent information from Northwest A number of Itemizing Service (NWMLS). New listings in Seattle skyrocketed 51 % from August to September, and whole energetic listings elevated 17 %. That helped push the town’s stock stage to three.9 months, the best since earlier than the pandemic, The Seattle Occasions studies.
Regardless of the inflow of properties available on the market, patrons are nonetheless contending with a scarcity of provide—a significant factor in rising residence prices, the NWMLS notes. The median gross sales value was up 8.2 % in Seattle in September in comparison with a yr in the past, and now sits at $860,000.
Rates of interest additionally stay excessive—double what they have been three years in the past—even after the Federal Reserve shaved off a half of a %, making it nonetheless troublesome for patrons, which was mirrored in September’s drop in closed gross sales: down 12 % from a yr in the past and 17 % in comparison with August.
Nevertheless, pending gross sales within the metropolis elevated year-over-year and month-over-month, 16 % and 17 % respectively. For buyers who’ve some steam left of their search, the start of the offseason generally is a good time to uncover extra alternatives, particularly for stock that’s been available on the market for various weeks.
For this month’s record, we pulled the quickest and slowest value positive aspects so you may see the place the market ended up on the finish of this yr’s promoting season.
Checklist ordered by annual value progress.
Slowest rising
3. West Seattle
Is {that a} purchaser’s market we see? Not fairly. However, there are a lot extra properties available on the market on this laid again a part of city. New listings soared 66 % in September over the earlier month, and stock climbed nearly 27 %. Even with a small uptick in gross sales (4 %) month-over-month, accomplished transactions have been nonetheless down 21 % year-over-year.
Median value: $755,625
12 months-over-year value progress: 3.5 %
Months of stock: 2.72
2. Belltown/Downtown
The market in Belltown and Downtown is condo-rich and sales-poor. Whole energetic listings elevated 23 % in September (year-over-year), whereas closed gross sales tumbled practically 45 %, bringing stock, practically all condos, to 11.6 months. With a lot on the market, value drops are often not far behind.
Median value: $635,000
12 months-over-year value progress: 2.4 %
Months of stock: 11.6
1. Ballard/Greenlake
Eternally favorites amongst patrons, closed gross sales in these neighborhoods bucked the border development in September, rising nearly 14 % over final yr. Pending gross sales have been up too: 18.5 %. Even with all of the exercise, whole energetic listings continued to climb.
Median value: $876,525
12 months-over-year value progress: -0.1 %
Months of stock: 2.9
Quickest rising
3. North Seattle
Whereas closed gross sales dropped 20 % in comparison with final yr and 41 % month-over-month, there wasn’t a scarcity of actual property exercise within the neighborhoods up north. From August to September, stock practically doubled: up from 1.9 months in August to three.6 months in September. Additionally throughout that point, new listings jumped 52 %, pending gross sales elevated 38 %, and costs climbed nearly 16 %.
Median value: $975,004
12 months-over-year value progress: 9.6 %
Months of stock: 3.6
2. Queen Anne/Magnolia
As costs posted double-digit positive aspects, gross sales dropped 22 % (year-over-year) in Seattle’s costliest neighborhoods. Energetic listings have been up about 53 %. With the market shifting right into a slower gear, don’t be stunned if costs have discovered their ceiling—at the very least for now.
Median value: $997,000
12 months-over-year value progress: 12.1 %
Months of stock: 4.1
1. SoDo/Beacon Hill
September was a busy month for sellers in these hip neighborhoods who might have been motivated by main value progress. Month-over-month, new listings jumped 89 %, and closed gross sales have been up 9 %. With stock sitting round 4.6 months this market is attractive to each patrons and sellers.
Median value: $805,000
12 months-over-year value progress: 23.1 %
Months of stock: 4.6
