My latest market stats for June tell a bit of a story. Keep reading for my big three insights as we end the six month mark of 2018!
1. The summer doldrums are in full swing. What does this mean? Buyer fatigue coupled with sunshine and fun, wrapped up with a nice over-saturation bow tie. Everyone thinks spring is the ideal time to list. Those late to the party end up coming on market too late while buyers hit the beach. Those who stick around have more to choose from swinging momentum to the buyers and away from the sellers.
2. Twenty percent of all single family homes, in both counties, closing in 2018 occurred in June. This means those who listed in April and May just cashed in as 1 in 5 homes in 2018 closed this past month.
3. The market is still lagging behind numbers from last year. Summer may see a slow down as it always does, but doesn’t that mean the first 6 months of the year would make up for that? King County home prices dropped about $10k in June, but are still up 11% for the year. At the half way point of 2018 King County is 1,800 single family homes shy of hitting the 50% mark of total home sales that occurred in 2017 for single family residences.
If you are thinking about selling, I advise using the summer to prepare your home with the expertise of a real estate professional such as myself, and listing in early fall.