Seattle's Housing Market at a Glance
For June, most everyone expected the Federal Reserve wouldn't change the target range for the federal funds rate (currently it's 2.25% to 2.5%). We know the economy is doing well because people are employed and spending money on retail. There is some worry about trade tensions, slowed manufacturing and meek business investments.
The big question always is, is it a buyer's market or is it a seller's market? I mean, oddly enough, it's pretty even. Across the country real estate is performing very well. As of July, economic expansion is looking at becoming one of the longest running in United States history.
There are signs the economy is slowing down. The reason is, the Federal Reserve believes 2.0% is a healthy inflation rate, but the United States is projected to run below that number this year. The White House is putting pressure on the Fed to cut rates in order to further push the economic activity. We've had a string of rate increases over the last several years, so the possibility of a rate reduction this year looks to be a very strong possibility.
For King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 10.4 percent for Residential homes and 21.7 percent for Condominium homes.
- Pending Sales increased 14.2 percent for Residential homes but decreased 1.3 percent for Condominium homes.
- Inventory increased 5.5 percent for Residential homes and 44.7 percent for Condominium homes.
- The Median Sales Price increased 4.3 percent to $521,500 for Residential homes and 0.2 percent to $380,000 for Condominium homes.
- Days on Market increased 35.3 percent for Residential homes and 84.6 percent for Condominium homes.
- Months Supply of Inventory increased 11.1 percent for Residential homes and 75.0 percent for Condominium homes.
As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving. It's my hope that it'll give you the information needed to make a more informed decision. When you're ready to buy or sell, remember I want to be your only Realtor. -Elizabeth "Elise" Russo