The end of summer brought the first decline for Seattle Eastside home sales this year. I wouldn't get too alarmed, though, as sales dropped by only 2.5%. August always seems to be a slower month as people rush to get kids ready for school or cram those last summer weekends full of fun activities. The number of pending sales this year, 768, is very similar to last August, when 776 homes sold.
The market did not die after last August and it will not die after this August. The real estate market tends to get back to business as usual after Labor Day weekend.
In August, 42% of the homes for sale sold on Seattle's eastside, the lowest absorption rate for the year. The peak of sales activity, as it is every year, was back in the spring. In March, 67% of the homes for sale sold and in April 68% sold.
Days on the market are still low as it is only taking 38 days on average to sell a Seattle eastside home. Median pricing was up to $600,000. Last August it was $515,000.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.