Washington Real Estate Market Slows in August
While the real estate market in Washington has been anything but typical, the month of August did bring with it the traditional slowdown. As comped to July, there were month-to-month drops in total inventory as well as closed sales and new listings – according to the monthly report released by the Northwest Multiple Listing Service.
As August marks the month many are getting ready to get back to school, the volume of new listings added last month declined by 4.2% year over year and 11.5% from July of 2021. In addition, the total inventory for the 26 counties surveyed fell as well – down 22.6% from August 2020. At the end of last month there were just 7,245 active listings – down from 9,591 a year ago.
While inventory fell, buyers can rejoice at the fact that prices show signs of moderating. The median price of the sales that closed last month was $579,000 – $10,000 lower than the month before. When compared to last year’s prices, however, there is quite an increase – one of about 18.2%. While notable, this year-over-year change was the smallest since February.
Condominiums continue to rebound, with total sales up 10% year over year – and up 19.9% in King county alone. Luxury market continues to hold strong as well, with 15% of this year’s sales over $1 million. The year to date figure is a lot higher than total sales of 2020 – 10,237 YTD vs 8,898 during all of 2020.
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