The pace of home sales in the city of Seattle has dropped in the fall, as compared with the summer months, but on a year-over-year basis, Seattle showed an increase in the number of closed sales. Looking at King County as a whole, there were substantially fewer homes on the market at this time last year, and this smaller inventory accounts for the slower sale pace since the summer. These facts derive from data recently released by the Northwest Multiple Listing Service, and were discussed in an article in The Seattle Times. Let’s take a closer look at some of the numbers.
Seattle Shows YOY Price Dip, Sales Increase
In the city of Seattle, home prices dropped by a factor of 3.23% between September 2018 and September 2019. In September 2018, the median home price for a closed sale in Seattle was $775,000; in September 2019, it was $750,000. Between September 2018 and September 2019, the city of Seattle saw an increase in sales by a factor of 13.45%. In September 2018, there were 498 closed home sales, and in September 2019 the number was 565. Ballard, Green Lake and Greenwood showed the greatest increases in home sales on a YOY basis. However, overall, sales in Seattle slowed down in September compared to the sales activity seen throughout the summer months of June, July and August.
King County Leads in YOY Inventory Declines
On a YOY basis, King County saw a massive decrease in inventory. This decline in inventory does a lot to explain some of the other trends and changes witnessed in the market. Compared to September 2018, King County inventory saw a drop of 20%! This means that there were almost 1,000 fewer homes for sale on the market in September 2019 compared with the previous year. King County accounts for almost 1/3rd of the total of this entire region’s decrease in inventory. Interestingly, home sale prices in King County remained nearly flat on a YOY basis, at $660,000; this is merely a 1.2% decline from September 2018.
Piece County Shows Consistent Increases
One area which showed consistent price increases, both on YOY and seasonal bases, is Pierce County. This is due to the well-established trend of would-be Seattle buyers flocking to Pierce County in search of lower prices. We’ve noted this trend before. More and more potential buyers are settling in Tacoma and simply commuting to their downtown Seattle places of employment. In Pierce County, the median home sale price in September 2019 was $384,500. This figure represents a 9% YOY increase, and a 2% increase since June 2019. Given the high prices in the city of Seattle, Pierce County is likely to continue seeing increases due to consistently high demand.
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