Seattle, WA Metro Area Housing Market Analysis - August 2024
The Seattle, WA metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. Below is a detailed analysis of the current state of the market.
Median Sales and List Prices
The Median Sales Price for homes in the Seattle metro area stands at $826,000, reflecting a year-over-year (YoY) decrease of 2.8%. Conversely, the Median List Price has seen a slight increase of 0.5% YoY, now at $829,000. This divergence suggests that while sellers are optimistic, buyers are negotiating prices down.
Price Per Square Foot
The median Price Per Square Foot has risen to $471.61, marking a 3.3% YoY increase. Similarly, the Median List Price per square foot is up by 3.7% YoY, now at $471.71. These increases indicate a steady demand for smaller, more affordable units.
Sales and Listings
The number of Homes Sold in August 2024 is 3,166, showing a marginal YoY decline of 0.1%. However, Pending Sales have increased by 2.1% YoY, reaching 3,136. New Listings have also surged by 4.9% YoY, totaling 3,541. This uptick in New Listings could be a response to the increased inventory, which has soared by 29.8% YoY to 5,254 homes.
Market Supply and Days on Market
The Months of Supply have increased significantly by 40.0% YoY, now at 1.70 months. This indicates a shift towards a more balanced market, although it still leans towards a seller's market. The Median Days on Market have increased by 4.0% YoY, now standing at 12 days, suggesting that homes are taking slightly longer to sell.
Sale to List Ratios and Price Adjustments
The average sale to list ratio is 100.1%, showing a slight YoY decrease of 0.3%. The percentage of Homes Sold above list price has dropped by 6.4% YoY to 32.2%. Additionally, the percentage of Price Drops has seen a minor increase of 0.4% YoY, now at 35.4%. These metrics indicate that while homes are still selling close to their list prices, fewer are selling above list, and more sellers are resorting to price reductions.
Off-Market Trends
The percentage of homes going off-market within two weeks has decreased by 9.1% YoY, now at 49.8%. This decline suggests that homes are not moving as quickly as they were last year, possibly due to the increased inventory and longer days on market.
Conclusion
In summary, the Seattle, WA metro area housing market in August 2024 shows a mix of trends. While Median Sales Prices have dipped slightly, list prices and Price Per Square Foot have seen modest increases. The market is experiencing higher inventory levels and longer days on market, indicating a shift towards a more balanced environment. Sellers may need to adjust their expectations as the market dynamics continue to evolve.
