In a blink-and-you-could-miss-it moment for Seattle real estate, now might be the right time to shop for a home, according to Redfin, as the company reports that new listings figures for June finally showed some promise.
For the first time since April 2015, new listings reached double-digit year-over-year growth in June at 10 percent, as 6,221 new homes came on market, Redfin reports. The Seattle-based real estate company issued its monthly Market Tracker on Tuesday.
“Buyers have been battling for months with double digit offers on many homes, and fatigue has set in for many people,” said Seattle Redfin agent Karlyn Goetz. “We’re starting to see situations where homes get one or two offers, instead of the 10-50 offers we saw during the spring rush. People are taking a vacation from their home search.”
Seattle is still one of the most competitive and fastest-selling markets in the country:
- The region saw a 4.5-percent year-over-year increase in home sales last month.
- Seattle was up 11.4 percent in median price growth to $462,500. (Portland rose 12.3 percent to $347,000; Tacoma was up 12 percent to $285,000).
- Seattle and Portland tied for second-fastest market with eight median days to pending sale. (Denver led the way at six days, down from nine last year).
- Overall, Seattle-area inventory is still down 19.5 percent year over year.
Nationally, Redfin’s report continues to paint a hot real estate picture, especially in Denver, the Pacific Northwest and San Francisco’s Bay Area.
Homes in Denver are selling in less than a week, as they’re being listed on Thursday with a deadline for offers on Monday.
“Many homes are technically under contract by Monday but that status is often not reflected in the MLS until Tuesday,”said Redfin agent Michelle Ackerman in Denver. “So homes are actually selling even faster than reported.”
In San Jose, Calif., 68.2 percent of homes sold above list price, followed by 68 percent in Oakland and 64.4 percent in San Francisco.