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“Almost everything will work again if you unplug it for a few minutes, including you.” Anne Lamott
Paused the blog, caught a few more sunrises & sunsets, roasted a few more s’mores, somehow made it to Taylor Swift, paddled the lake often, ate the ice cream, traveled for hoop tournaments, took the walks, read the stack of unfinished books, caught up with extended family, played in California waves, found new cold brew spots and simply found joy in the simplest of things. And while doing so, focused on disciplines in going deeper & wider with initiatives for 2nd half of year. Looking forward to sharing much more, yet for today let’s jump right back to real estate by the numbers. We’ll start with Seattle and feel free pop over to windermere stats (updated this week) for deeper dive into Eastside, King & Snohomish…
JULY MONTHLY TALKING POINTS
SEATTLE – BASED ON RESIDENTIAL REPORT:
The month’s supply of inventory is down from 1.6 to 1.3 Year-over-Year. Based on historical data, July is the 3rd best active listing month (890) throughout the year, however, we finished the month with 793 active listings which is the 3rd fewest in 2023.
With 589 pending transactions at the end of July, that is the 3rd fewest of any month in 2023, and the fewest that we have seen in any July dating back 10 years.
Median Closed Sales Price is down 6% to $899,950 Year-over-Year, and down 3% from last month.
37% of the active inventory in July sold above list price which is 2% greater than this time last year, yet down 5% from last month.
Pricing is key as 69.1% of the properties in July sold in less than 15 days with a median sold to list price of 100.1%. Homes selling with 15-30 days on market captured 97.5% of the median sold to list price.
Homes selling with less than 30 days on market represented 83.3% of the units sold in July.
Interest rates continue to be challenging for buyers in 2023. We closed July with an average interest rate of 6.84% based on a 30-year-fixed mortgage. If you factor the median closed sales price of $899,950 at 6.84%, your monthly payment including principal & interest would be $5,891, which is $525 more than what you would have paid a year ago.
This week I’ve been sharing across offices & conversations the below data point 1000Watt came up with. If this doesn’t speak to having real estate conversations while we enjoy these dog days of summer – I don’t know what does! One of the best activities I’ve seen in a broker’s business when needing a spark, is to focus on 20 live interactions each week – track the who, create a follow up touch and make each week (in the who) as unique as possible. This graphic will most likely spark said motivation to do so!
Ok, let’s wrap this week by the numbers – windermere stats is updated – need password? – text me. Interested in the above Seattle Times graphic? – text me. Keeping Current Matters (KCM) updated their monthly market report (10th of each month). And David Childers of KCM has recently launched a NEW podcast (I’m enjoying it!) – I’m following along on Spotify – link to introduction here.
Welcome to the dog days of summer – in productive work and play. And let’s not yet forget how I opened this post – “Almost everything will work again if you unplug it for a few minutes, including you.” Anne Lamott
Here to help – the ultimate goal. – Laura 206.227.7133
…proof we miraculously made it to Taylor Swift this summer – thank you Cassie Walker Johnson for helping us find our way to tickets literally less than two hours from showtime! Appreciate you.
