It's admittedly a bit of a self-pat on the back, but it is a point of pride. After years of tracking and analyzing the data to put to use for clientele and my own buying and selling, it seems that more and more people and media outlets are taking notice.
I've you've been reading my posts, then you've heard me talking about some very early signs of a potential shift I started seeing in the data last month. As I began tracking and analyzing the data at the beginning of this month, I started seeing additional signs of a change in the market.
To quickly summarize…
Supply is up: more new listings hit the market in June than in any other month since 2010. Active listings were up 34% year over year.
Demand is down: pending sales in Seattle dropped 17% year over year, while closed sales fell 29%.
Econ 101: rising supply and dwindling demand is a pretty simple economic recipe for a softening market - prices dropped from May to June for the first time since 2013. They also dropped from May to June in King County, which hadn’t happened in at least 15 years.
Still, prices are up about 7% year over year in Seattle and may continue to rise at that more historic range due primarily to a thriving job market and the fact that new development has not kept pace with population growth. The YTD average sale price in King County rose approximately 7% on average from 1989-2003.
A May to June price drop in King County is basically unheard of, and the local media outlets took notice of my analyses.
Over the span of a few days, I had been quoted in King5.com, the News Tribune, Seattle PI, and the Puget Sound Business Journal, interviewed by KIRO Radio, and unfortunately not given credit for my contribution to the opening and bolded stat line in the Seattle Times article (though the tweet exchange that followed softened the blow a bit!).
I also taped an interview for a second appearance in an award winning podcast, the “Seattle Growth Podcast,”from UW Professor Jeffrey Shulman. Stay tuned for that episode, talking homelessness with King County Executive Dow Constantine, to air when the new season debuts in a few days.
As much as it is a self-pat on the back, the most rewarding part is to be contributing to the local real estate market on a larger scale.
Do you have any friends or co-workers who have been thinking about buying or selling and could benefit from picking my brain over a cup of coffee? As nice as it is to be quoted in the news, buyer and seller referrals are how I put food on the table, so I would be extremely grateful for anyone you connect me with!