June 2024 - Market Update

📉 June Market Update
Like the weather, the Seattle real estate market is following its typical annual pattern.
。Buyers and Sellers begin their process in January. Buyers usually act more quickly than sellers, resulting in higher demand than supply in the early months of the year leading to multiple offers and rising prices.
。After months of preparing their homes for sales, sellers start entering the market between March to September, as indicated by the increase in new listings. This influx of sellers leads to a higher number of homes on the market, causing prices to stabilize during the second half of the year.
Seattle Median Closed Sales Prices are up 3% at $957,000 compared to $930,000 a year ago.
。June 2024 prices ($957,000) are down less than 1% from May 2024 prices of $965,000
。June 2024 prices are down 6.7% from the record high set in May 2022 at $1,025,500
Rising prices have prompted more homeowners to list their properties for sale.
。Number of new listings over the past three months was higher than the highest month in 2023 (June 2023 - 859), with April at 885, May at 1,042, and June at 920.