[August 2017] – Seattle Real Estate Market in a Minute Update

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Hi, I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal and this is your market in a minute, everything you need to know about the Puget Sound real estate market based on MLS statistics in one minute. And this month’s video is on the month of August. August is usually a little bit of a slower month, but this year we kind of mirrored the progress that we had from winter and spring, which was a super hot market, and we had great activity this August as well. And one of the things that we’re noticing is that if the home isn’t priced well, it’s not being shown, and it’s not getting offers, offer review dates are kind of coming and passing and nothing’s really happening. And I think a lot of that is that buyers are pretty aware of when a home is overpriced and they are just basically letting it sit.

So we’ve got kind of this little bit of a stagnant pool of inventory out there, that until sellers get realistic that even in the super hot market, if you overprice your home, it’s not going to sell until they get realistic and start dropping some of those prices. You’re going to see a little bit of stagnation in the marketplace.

So over the next couple of months, by say the end of October, you’re going to see about 20% less inventory than you’ve got right now. And then as we head into November and December, you’re going to see that drop by about another 30%. So this is about as much inventory as you’re going to see in 2017 right now.

And so from here, we’ll call it September 1 through the end of 2017, I still think you’ll see a fairly strong market, but as inventory continues to kind of come down due to seasonal variances, you’ll see a little bit of a slow down. And then as we hit the holidays, that’s always typically quite a bit slower. But I think you’ll still see an active market like we’ve seen kind of the last couple of years.

I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. I appreciate you watching the video. Love to get your feedback, uh, or go ahead and subscribe to our channel by hitting the subscribe button below. Again, thanks for watching the video, bye.

Sean Reynolds

Sean Reynolds

The Owner and Designated Managing Broker of Summit Properties NW and Reynolds & Kline Appraisal.

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