
Seattle dwelling consumers are taking it gradual this summer season, whilst for-sale stock reached its highest ranges in 12 months, the newest information from the Northwest A number of Itemizing Service (NWMLS) reveals.
Closed gross sales within the metropolis had been down 16.5 p.c in June year-over-year, whereas for-sale listings soared 40 p.c throughout the identical time interval. Seattle’s median dwelling worth got here in at $859,000, up 3.7 p.c from a 12 months in the past.
Whereas an ebb in transactions will not be unparalleled this time of 12 months, the NWMLS information recommend this was much less a typical dip into the summer season doldrums and extra like a stomach flop into burnout. Would-be Seattle patrons reached their restrict after months of competing by increasingly-difficult market situations—historically-low stock, ever-climbing costs, and sticky excessive rates of interest, to call a couple of.
The NWMLS notes, “Greater ranges of for-sale stock ought to have an effect in stabilizing worth ranges over the summer season months.” However after costs reached record-highs in Might, June’s small month-over-month worth dip (-1.8 p.c) did little to entice embattled dwelling patrons. Closed gross sales within the metropolis plunged nearly 21 p.c month-over-month, whereas energetic listings elevated 8 p.c.
Despite the fact that each Seattle neighborhood skilled a model of June’s buyer-pull-back and stock bump, worth progress was up and down everywhere in the map. Right here’s the checklist of neighborhoods with the biggest worth positive factors and losses. If you happen to squint, perhaps you’ll begin to see the beginnings of extra stabilized pricing.
Checklist ordered by annual worth progress.
Quickest Falling
3. Ballard/Greenlake
Not that way back, the concept of a worth drop in these widespread neighborhoods would have triggered a feeding frenzy. However June’s dip wasn’t sufficient to convey patrons and sellers collectively. Closed gross sales had been down 17.7 p.c year-over-year, whereas energetic listings elevated by 30 p.c.
Median worth: $875,475
12 months-over-year worth progress: -2.3 p.c
Months of stock: 2 months
2. North Seattle
The realm that encompasses every thing north of Portage and Union Bay and east of I-5 was once more certainly one of Seattle’s busiest. Lively listings elevated 49.3 p.c year-over-year, whereas closed gross sales dropped 12 p.c. North Seattle was the one space the place pending gross sales grew in June. They had been up 20 p.c year-over-year.
Median worth: $868,000
12 months-over-year worth progress: -3.8 p.c
Months of stock: 2
1. Queen Anne/Magnolia
Patrons took a big step again from buying houses on this sought-after neighborhood. Closed gross sales had been down 14.9 p.c over final 12 months. On the similar time, energetic listings skyrocketed 66.7 p.c, probably the most of any neighborhood within the metropolis. After a stint of progress this 12 months, June’s worth drop is probably not the final one this summer season.
Median worth: $874,975
12 months-over-year worth progress: -10.5 p.c
Months of stock: 3.13
Quickest Rising
3. Belltown/Downtown
Sitting on 7.4 months of rental stock, town’s core is out of steadiness, once more—this time with an excessive amount of provide. A market is taken into account “balanced” with 4 to 6 months of stock. Lively listings had been up 43 p.c over June 2023, whereas closed gross sales dropped 30 p.c. Even so, June was one of many few optimistic progress months this 12 months, however it might be fleeting. Pending gross sales tumbled 40 p.c, probably the most within the metropolis.
Median worth: $649,000
12 months-over-year worth progress: 9.7 p.c
Months of stock: 7.4
2. Central Seattle
Costs continued to go up in Seattle’s costliest neighborhoods. On the similar time, closed gross sales continued to dip. In June, they fell 15.7 p.c year-over-year, whereas energetic listings in and round Madison Park and Capitol Hill jumped 40.5 p.c. Even with a much-needed stock bump, we’re nonetheless crossing our fingers for extra steadiness within the months forward.
Median worth: $957,000
12 months-over-year worth progress: 9.8 p.c
Months of stock: 3.1
1. SoDo/Beacon Hill
These neighborhoods can lastly say they’re again in steadiness, so far as for-sale stock is worried. Constructing on Might’s momentum, costs right here surged in June. Lively listings elevated 26.2 p.c, and closed gross sales dropped almost 55 p.c year-over-year. We’re watching worth progress carefully particularly with the infusion of stock into this market.
Median worth: $840,000
12 months-over-year worth progress: 17.5 p.c
Months of stock: 4.1