Seattle Real Estate Market In A Minute Update | October 2019

Seattle Real Estate Market In A Minute Update | October 2019


hi everyone I’m Sean Reynolds the owner
of Summit properties Northwest and Reynolds and Kline appraisal and this is
your market in a minute for the month of October 2019 everything you need to know
about the Puget Sound real estate market in one minute the fall market is
typically marked by ups and downs as we transition between the super hot summer
months and the slower winter season last month was no exception
we saw year-over-year gains and pending sales closed sales and prices but also
an 18 percent drop in inventory compared to a year ago that’s a big drop for a
market that already has minimal inventory
although fall is showing us fewer listings than what buyers find during
peak summer months there’s also less competition the market is experiencing a
little bit of a seasonal slowdown right now so it’s a great time to be a buyer I
find it interesting that the median price for single-family homes and condos
that sold last month in King County dipped under 600,000 to lows not seen
since last January three other counties Okanagan Pacific and Clallam also
reported year-over-year price drops international economic and trade issues
continued to be erratic but new jobs lifestyle changes and very low interest
rates continued to support our local real estate market home prices have
stabilized creating good opportunities for purchasers and we expect to see
prices stay mostly stable through the fall and winter months so thanks so much
for watching this month’s market in a minute video I wish you all a happy fall
season and I’ll catch you on the next one thank you