12% of Seattle-Area Listings Had Price Cuts in June per Zillow
The real estate market is showing subtle signs of cooling off. According to Zillow’s newest report, about 14 percent of listings across the nation have had a price cut in June of this year. Even more interestingly, even the hot Puget Sound-area market is showing signs of slowing down: Seattle has one of the highest proportions of price cuts on the West Coast – a staggering 12% in June of 2018, a sharp increase from 6.9% in June of last year. Moreover, Seattle’s percentage of price cuts is the highest since October 2014.
According to the report, the share of price reductions was greater in June than during the same month last year in about two-thirds of all the largest markets in the United States. In addition, the West Coast markets took the biggest hit in the country, with those areas experiencing the biggest increase in price cuts. San Diego leads the way in price cuts on the west coast, with a staggering 20% of listings experiencing a reduction in price, per the report.
In general, the price cuts are more prevalent among the listings with the highest price tags, according to Zillow. Over 16% of those properties experienced a reduction in list price, while roughly 11% of the listings in the lower price point experienced the same fate.
To view Zillow’s informative report in its entirety, please click here.