No Rain and Modest Gains!

Seattle is experiencing one of the longest droughts in history, and no, I’m not referencing the Mariners 19-year playoff drought. I’m talking rain! We haven’t had a measurable amount of rain in 49 days, dating all the way back to June 14th.  The consecutive rainless day records are 51 days in 1955 and 55 days in 2017. However, we are expecting rain this Friday, so unlike the Mariners, the drought may end soon.

Last week was an exciting one, we went pending on the offer review date for my Clyde Hill listing and my Shoreline listing. Between the four open houses on the weekend and hundreds of private showings, we found the perfect buyers for both properties.

Those two listings aside, the housing market is taking a bit of a deep breath, which is expected as part of the seasonal cycle. During the summer, we always reach our highest number of listings for the year which gives buyers a few more options and a little more time to make purchasing decisions. In July, in King County, the total number of properties for sale rose 8% from June to 3,422 (which is still EXTEREMLY low!) and the number of pending sales dropped 10% from June to July. The decrease in pending sales indicates that buyer demand is softening. Maybe the fact that 80% of Seattle homes don’t have air conditioning in the middle of a heat wave had something to do with it? 

While the number of pending sales dropped, King County saw a modest median price increase at 1.8%, Snohomish County increased 2.3%, and my neighborhood in Lake Forest Park saw a decrease of 6.7%. The price regression in Lake Forest Park was expected so I’m not sounding any alarms. In LFP, we set all-time highs in June for median price at $895k, which beat the previous all-time high by $100k that was set March 2021 at $795k. June 2021 was one for the record books! 

Overall, the market should be in fine shape as we start to wind down summer. Inventory will bottom out this winter again and we’ll see another very active market to start 2022. If you’re looking to buy now before it picks up speed then I have a great townhouse close to Green Lake that is move in ready, priced at $654,950
 

Ashton and I at Safeco Field, wait I mean, T-Mobile Park on 7/23. All jokes aside about the M's, we love them and can't wait for these final two months of the season to play out. Fingers crossed for playoffs!!
       
Thanks for reading, I hope you enjoyed it and gain some value from these e-mails. Feedback is always welcome. I appreciate your support and hope you have a great week!