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Local Housing Dynamics on the Move |
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The big housing news this month is the signifcant rise in available homes for sale in King County. As of the beginning of June, there were more homes available for sale than at any time in the past year, marking a 26% increase in available inventory month over month. This development is sure to be received as good news by some and less favorable news by others. Despite this increase in inventory, pending sales and median home prices continue to rise, indicating a dynamic market landscape. The question on everyone's mind is whether this trend will continue. Some experts believe that the phenomenon known as "Golden Handcuffs" or "The Lock In Effect," which has characterized the market in recent years, may be starting to loosen its grip. Speculation suggests that homeowners with sub 4% interest rates may finally be feeling the urge or necessity to make a move. What does this mean for you? For sellers, this trend is certainly worth monitoring closely. An increase in available homes on the market typically exerts pressure on prices as buyers gain more options. It's essential to keep a close eye on inventory levels and pay particular attention to closed sales within the last 30 days. As always, remember the importance of the 3 P's when preparing to sell your home: Preparation, Presentation, and Pricing Strategy. On the other hand, if you are in the market to buy, this development is a welcome one. With more choices and potentially less competition from other buyers, you may find the current market conditions favorable. Although 30-year mortgage rates are hovering around 7%, prices are showing signs of moderation, and houses are staying on the market a bit longer, offering buyers more room to explore their options. No matter where you are in your real estate journey, continue reading for valuable insights and pertinent home-related information. Wishing you a refreshing month ahead! |
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| | As we traditionally see a decline in listings that have gone pending in June from may, this year they rose in most areas showing continued buyer activity from serious buyers looking for their dream home. Active listings and sold listings continue to rise providing greater options to buyers, as the median sale price also continues to rise. |
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| | New listings declined slightly as the days on market rose slightly in smaller markets while the median active list and sale price remained stable again continuing a trend of the past 4 weeks of stability in the market. |
| DOM: 17 | Median Active Price: $850K | Median Sold Price: $897K DOM: 20 | Median Active Price: $800K | Median Sale Price: $850K DOM: 14 | Median Active Price: $1.495M | Median Sold Price: $1.430M DOM: 17 | Median Active Price: $842K | Median Sold Price: $800K |
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| | July's Gardening To-Do List |
| Embrace the summer heat and bountiful harvest with the tips from HGTV for keeping your lawn and garden in top shape. From watering and harvesting to pest control, discover how to ensure your garden thrives this July below. |
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| | | Today's leading interior designers have been recruited by HGTV to compile a list of the 35 most common decorating mistakes, along with their expert solutions to enhance style. |
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| | Luxury Listing of the Month |
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| | A stunning waterfront listing coming soon in Westport from our Compass colleague Leslie Clarke (@leslieclarkehomes). A GOLD COAST opportunity: 6.6 acres of pristine estate living culminating at 400 ft of direct Long Island Sound waterfront.A winding drive from the famed Beachside Ave enclave leads past the tennis pavilion, through the shaded trees and into a cobblestone courtyard with fountain and perfectly manicured garden entry. Fun Fact: It is the former home of Phil Donahue and Marlo Thomas. |
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| As the temperatures rise, our energy level drops and we lose our enthusiasm for cooking long meals in the kitchen. Fear not! We have a bevy of easy recipes for you to whip up as you gather with friends and family for summertime fun. Courtesy of Valerie's friends in the Compass Moms Collective. |
| | | | Latest Happenings Around Our Family Home |
| | | | One of our favorite things to do in the summer is to hit the water and cruise to Bainbridge Island for date night or venture around the sound in search of marine life like Orcas whales. |
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| | | Fri: 5-11PM | Sat: 11AM-11PM | Sun: 11AM-8PM |
| Experience the ultimate celebration of Ballard and beyond with FREE live music, family fun, arts, crafts, and food vendors, succulent seafood, and an impressive craft beer showcase. |
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| | Get ready for great live music, food and craft vendors, the beer garden, the kid's zone and more as Summer Fest returns to the West Seattle Junction! |
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| | | Fri/Sat: 10AM-9PM | Sun: 10AM-8PM |
| The event features over 250+ local vendors, beer and wine gardens, cider tastings, local artisans, and over 65+ musical performers. |
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| | Bellevue Arts Museum hosts the largest award-winning arts & crafts festival in the Northwest. Shop from over 300 inspiring artists showcasing unique, handmade craft and art. Since 1947, BAM Arts Fair has been the annual gathering place for our community and a wonderful way to connect to the world of art, craft & design! |
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| | | | Seafair is Seattle’s premier boating event, air show, and festival all rolled into one. It features live music, delicious food and beverage options, & various family-friendly activities. Whether you're a local or a first-time visitor, Seafair Weekend promises to deliver an incredible experience that captures the essence of the PNW's vibrant culture and natural beauty. |
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| | | 4117 East Garfield Street |
| 3 BD 2 BA 2030 SF $1,675,000 |
| Updated Madison Park cottage just 1 block from the bustling heart of the neighborhood. |
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| | | | 1 BD 1 BA 720 SF $2,250,000 5.240 AC VACANT LAND Zoned for Resort Development |
| Situated on the corner of Bay & Park Ave, this property offers a breathtaking front-row view of sunsets. Embrace this unique opportunity to build a resort family compound in historic Ocean Park. |
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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