We thought that putting together some visual aides to what is happening in the market right now might be helpful. We chose a specific segment of the market to help illustrate what we are seeing out here in the market place.
These graphs show data gathered from the NWMLS of Northwest Seattle residential home sales from May through July. All of the stats researched are indicating a slight slowing in the market. Houses are taking longer to sell, are selling for less, are on the market longer and are selling for a lesser percentage of the list price. Remember, the data for May is reflecting what was on the market getting offers in April, and so on, so we don’t have any figures for what was happening with properties listed in July, only what closed in July.
Important to note, when looking at the same data segment but for homes that are currently active on the market, there are 208 as of right now, and they have been on the market for an average of 44 days, which is a lot longer than we are used to seeing in our local Seattle market. There is a significant change to note here that might be temporary and change after labor day, like most summer markets, or we might be seeing a true shift. Read our post from yesterday to see my take.