More Homes Hit the Market in Seattle Last Month, But Sales Stayed Slow
September usually signals the start of real estate’s offseason. But last month, droves of would-be sellers—motivated by the much-anticipated interest rate cut—listed their homes in hopes of enticing a buyer before the market hibernates for the holidays. Buyers, for the most part, were unmoved.
That’s according to the latest data from Northwest Multiple Listing Service (NWMLS). New listings in Seattle skyrocketed 51 percent from August to September, and total active listings increased 17 percent. That helped push the city’s inventory level to 3.9 months, the highest since before the pandemic, The Seattle Times reports.
Despite the influx of homes on the market, buyers are still contending with a lack of supply—a major factor in rising home costs, the NWMLS notes. The median sales price was up 8.2 percent in Seattle in September compared to a year ago, and now sits at $860,000.
Interest rates also remain high—double what they were three years ago—even after the Federal Reserve shaved off a half of a percent, making it still difficult for buyers, which was reflected in September’s drop in closed sales: down 12 percent from a year ago and 17 percent compared to August.
However, pending sales in the city increased year-over-year and month-over-month, 16 percent and 17 percent respectively. For shoppers who have some steam left in their search, the beginning of the offseason can be a good time to uncover more opportunities, especially for inventory that’s been on the market for more than a few weeks.
For this month’s list, we pulled the fastest and slowest price gains so you can see where the market ended up at the end of this year’s selling season.
List ordered by annual price growth.
Slowest growing
3. West Seattle
Is that a buyer’s market we see? Not quite. But, there are plenty more homes on the market in this laid back part of town. New listings soared 66 percent in September over the previous month, and inventory climbed almost 27 percent. Even with a small uptick in sales (4 percent) month-over-month, completed transactions were still down 21 percent year-over-year.
Median price: $755,625
Year-over-year price growth: 3.5 percent
Months of inventory: 2.72
2. Belltown/Downtown
The market in Belltown and Downtown is condo-rich and sales-poor. Total active listings increased 23 percent in September (year-over-year), while closed sales tumbled nearly 45 percent, bringing inventory, nearly all condos, to 11.6 months. With so much for sale, price drops are usually not far behind.
Median price: $635,000
Year-over-year price growth: 2.4 percent
Months of inventory: 11.6
1. Ballard/Greenlake
Forever favorites among buyers, closed sales in these neighborhoods bucked the border trend in September, increasing almost 14 percent over last year. Pending sales were up too: 18.5 percent. Even with all the activity, total active listings continued to climb.
Median price: $876,525
Year-over-year price growth: -0.1 percent
Months of inventory: 2.9
Fastest growing
3. North Seattle
While closed sales dropped 20 percent compared to last year and 41 percent month-over-month, there wasn’t a lack of real estate activity in the neighborhoods up north. From August to September, inventory nearly doubled: up from 1.9 months in August to 3.6 months in September. Also during that time, new listings jumped 52 percent, pending sales increased 38 percent, and prices climbed almost 16 percent.
Median price: $975,004
Year-over-year price growth: 9.6 percent
Months of inventory: 3.6
2. Queen Anne/Magnolia
As prices posted double-digit gains, sales dropped 22 percent (year-over-year) in Seattle’s most expensive neighborhoods. Active listings were up about 53 percent. With the market shifting into a slower gear, don’t be surprised if prices have found their ceiling—at least for now.
Median price: $997,000
Year-over-year price growth: 12.1 percent
Months of inventory: 4.1
1. SoDo/Beacon Hill
September was a busy month for sellers in these hip neighborhoods who may have been motivated by major price growth. Month-over-month, new listings jumped 89 percent, and closed sales were up 9 percent. With inventory sitting around 4.6 months this market is enticing to both buyers and sellers.
Median price: $805,000
Year-over-year price growth: 23.1 percent
Months of inventory: 4.6
