Normally we see a pretty nice little bump in inventory in September, however, I’m not entirely sure that’s going to happen again! We saw a HUGE run up in Seattle inventory between April and late June (about an 80% increase in inventory during that time), however, since peaking in August we’ve been on a pretty sharp decline in overall inventory levels. That doesn’t mean things won’t start hitting the market in late September like they normally do, this early decline in inventory is merely representative of the gigantic build-up of buyers still looking for a home, and refocusing on their search now that Summer and Labor Day are over.
With the recent decline in overall inventory, we’ve also seen the median priced home in Seattle tick back upward from $699k in late August, to $722k this past week. Please note, the Seattle median price home peak for the year was set in mid May at $777,475. It will be interesting to see whether or not prices continue to increase throughout fall and winter, and then increasingly so next spring; versus what normally happens where prices remain steady until January when they start skyrocketing.
In the end, it looks like the stage is being set for an even more competitive market next year with inventory levels plummeting earlier than normal as Fall’s buyer-pool snatches up homes more fiercely than ever before.
Today's market report courtesy of Kyle Bergquist, Guild Mortgage