Aaron Freeman, Realogics Sotheby's International Realty

The summer sales season began in June with the typical seasonality driven slowdown indicated by increasing inventory/supply with decreasing sales/demand for the greater Seattle-Bellevue metro area through most of July. However, the rapid decrease in the 10-year treasury yield and related decline in mortgage interest rates in late July through early August appear to have facilitated an increase in sales activity this month. Data is still coming in for August, but a spike in activity was already forecasted for this month based on seasonal trends. As reported last month on July 24th, a 30-year fixed rate mortgage was approximately 6.8% based on a minimum downpayment of 25% and a credit score of at least 765. Now, a 30-year fixed rate mortgage is approximately 6%.

30-year fixed rate mortgages are typically priced approximately 2.5% to 3% in excess of the 10-year treasury note. Mortgage experts who I interviewed in late July indicated the bond market has now, based on current economic data and related comments from various members of the Federal Reserve Board of Governors, priced in three federal funds rate cuts prior to the end of 2024 which produced a decrease in both the 10-year treasury yield and mortgage interest rates.
I anticipate that new listings/inventory and sales will decrease from September into January according to seasonal trends, however, lower interest rates may mitigate such seasonality.

👉See LINK in bio for full market report including supporting graphs and referenced reports.

The summer sales season began in June with the typical seasonality driven slowdown indicated by increasing inventory/supply with decreasing sales/demand for the greater Seattle-Bellevue metro area through most of July. However, the rapid decrease in the 10-year treasury yield and related decline in mortgage interest rates in late July through early August appear to have facilitated an increase in sales activity this month. Data is still coming in for August, but a spike in activity was already forecasted for this month based on seasonal trends. As reported last month on July 24th, a 30-year fixed rate mortgage was approximately 6.8% based on a minimum downpayment of 25% and a credit score of at least 765. Now, a 30-year fixed rate mortgage is approximately 6%.

30-year fixed rate mortgages are typically priced approximately 2.5% to 3% in excess of the 10-year treasury note. Mortgage experts who I interviewed in late July indicated the bond market has now, based on current economic data and related comments from various members of the Federal Reserve Board of Governors, priced in three federal funds rate cuts prior to the end of 2024 which produced a decrease in both the 10-year treasury yield and mortgage interest rates.

I anticipate that new listings/inventory and sales will decrease from September into January according to seasonal trends, however, lower interest rates may mitigate such seasonality.

👉See full market report for supporting graphs and referenced reports.

Real Estate Market Update - August 2024 — Aaron Freeman Sotheby’s International Realty The summer sales season began in June with the typical seasonality driven slowdown indicated by increasing inventory/supply with decreasing sales/demand for the greater Seattle-Bellevue metro area through most of July. However, the rapid decrease in the 10-year treasury yield and related decline in

We entered the seasonal summer slowdown (slump) indicated by reduced Buyer activity beginning in June for the greater Seattle-Bellevue metro area. The peak of the 2024 selling season was in May, as reported and forecasted last month. Thereafter, the quantity of single-family homes for sale (supply) has continued increasing while the quantity of homes sold (demand) has decreased month over month. Based on seasonal trends, I expect a spike in home sales (and $/sq. ft.) during August before supply and demand both decrease until January. The summer season is a good time to buy, especially as mortgage interest rates have stabilized, because of reduced competition and excess supply/options, although we’re still in a Seller's market.

Mortgage rates stabilized in mid-April and currently appear to be on a downward trend to approximately 6.5% by end of year, assuming the Federal Reserve lowers the federal funds rate by 50 basis points during this period to respond to slowing economic conditions and the declining rate of inflation. Currently, the 30-year fixed rate mortgage is approximately 6.8% based on a minimum down payment of 25% and a credit score of at least 765.

👉See full market report for supporting graphs and referenced reports.

Real Estate Market Update - July 2024 — Aaron Freeman Sotheby’s International Realty We entered the seasonal summer slowdown (slump) indicated by reduced buyer activity beginning in June for the greater Seattle-Bellevue metro area. The peak of the 2024 selling season was in May, as reported and forecasted last month . Thereafter, the quantity of single-family homes For

🏡SOLD TODAY🏡 Seattle/Ravenna | 4BD/1.75BA/1CG with 2,730 sqft built in 1927 (Renovated/Effective Year Built 2015) on a 3,600 sqft corner lot | I’m grateful for the trust and confidence my out-of-state sellers placed in me to handle their home sale. From managing tenant turnover and selecting/coordinating/supervising contractors (13 days / approx $30K of listing prep work) to marketing and negotiating a purchase and sale agreement for top dollar with minimal risk. Everything worked out perfectly and on schedule; 40 days from tenants out to closing. Thank you for trusting me with your home sale!

🏡SOLD TODAY🏡 Seattle | 3BD/1.75BA with 1,030 sqft built in 1919 on a 2,880 sqft lot | There is nothing more rewarding, except being a Dad, than helping a client over the years and earning their trust and appreciation. I first helped my clients purchase this home in 2016, and today, I’m thrilled to have assisted them in selling it. Congratulations to my Seller-Clients! Your trust and support mean the world to me.

It appears the peak of the selling season for the Seattle-Bellevue real estate market was in May 2024 based on current available data, which follows seasonal trends. Looking ahead, the supply of single-family homes on the market (For Sales) should continue increasing more than the quantity of properties going under contract (Pended) and Sold until about September when they begin to decrease until January. This summer season is a good time to buy, especially this year as mortgage interest have stabilized.

As reported last month, mortgage rates seem to have stabilized since mid-April and could be on a downward trend to approximately 6.5% by end of year. Currently, a 30-year fixed rate mortgage is approximately 7% based on a minimum downpayment of 25% and a credit score of at least 765. As consistently reported in 2024, an increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. The market continues reverting closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years. As reported in March, I’m not expecting any rate decreases in 2024.

👉See full market report for supporting graphs and referenced reports.

Real Estate Market Update - June 2024 — Aaron Freeman Sotheby’s International Realty It appears the peak of the selling season for the Seattle-Bellevue real estate market was in May 2024 based on current available data, which follows seasonal trends. Looking ahead, the supply of single-family homes on the market (For Sales) should continue increasing more than the quantity

🏡SOLD TODAY🏡 Renton | 3BD/2.25BA/2CG with 1,870 sqft built in 1979 on a 8,168 sqft lot | The Sellers purchased this home for $255,000 in 2013 and it’s been a rental for almost 10 years. Most recent rent was 2,050 $/month. The As-Is market value was approximately $550,000, however, the Sellers chose to invest approximately $85,000 in a 2024 renovation, which was a very tight budget to work with. Current estimated market rent is 3,200 to 3,450 $/month. This property was listed at $675,000 and received 4 offers escalating to $720,000, however, the highest offer isn’t always the best offer. The Gain on Sale today at the sales price of $698,000 is approximately $87,000. Congratulations to my Seller-Clients!

Step into timeless elegance with this stunning 1920’s Craftsman home in Ravenna, meticulously renovated in 2015 to blend classic charm with modern luxury. Nestled on a coveted corner lot, this exquisite light-filled residence boasts high-end finishes throughout. Upstairs, you’ll find two serene bedrooms and a beautifully appointed full bathroom. The main level features a seamless open floor plan, encompassing a gourmet kitchen, inviting dining area, and a cozy living space. An office nook, a spa-like 3/4 bath, and a bedroom with a spacious walk-in closet completes this level. The lower level is a versatile haven, offering an additional bedroom, a family and media room, and a utility/mud room, with direct access to a spacious 1-car garage equipped with an EV charger and ample storage. This home is the perfect blend of historic craftsmanship and contemporary convenience, ready to welcome you.

📍 1602 NE 73rd Street, Seattle
💰 Listed at $1,675,000
🏡 Open House Schedule:
📆 Saturday, June 22nd, 12-4
📆 Sunday, June 23rd, 12-4
👉Offers due by Tuesday, June 25th, 10 am.
Seller Disclosure Package, including Home/Sewer Inspection Reports, list of improvements and remodel invoices, etc., is available upon request.

The Seattle-Bellevue real estate market continues to follow seasonal trends into May, which is generally the peak of the selling season. The supply of single-family homes on the market (For Sales) month over month is increasing as is the quantity of properties going under contract (Pended) and Sold. During the 2024 sales season, King County has been a consistent Seller’s market for single-family homes.

The median single-family home sales price in 2024 increased 16.7% from January 2024, $852,500, to April 2024, $995,000. Year-over-year median home sales prices increased 13.7% from April 2023, $875,000, to April 2024, $995,000. Seasonal sales activity generally begins to decline after May or June with a possible correlative decline in home values of possibly 8% to 9% until January.

Mortgage rates seem to have stabilized since mid-April. Currently, a 30-year fixed rate mortgage is approximately 7% based on a minimum downpayment of 25% and a credit score of at least 765. As consistently reported in 2024, an increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. The market continues reverting closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years.  As reported in March, I’m not expecting any rate decreases in 2024.

👉See LINK in bio for full article with supporting graphs and referenced reports.

The Seattle-Bellevue real estate market continues to follow seasonal trends into May, which is generally the peak of the selling season. The supply of single-family homes on the market (For Sales) month over month is increasing as is the quantity of properties going under contract (Pended) and Sold. During the 2024 sales season, King County has been a consistent Seller’s market for single-family homes.

The median single-family home sales price in 2024 increased 16.7% from January 2024, $852,500, to April 2024, $995,000. Year-over-year median home sales prices increased 13.7% from April 2023, $875,000, to April 2024, $995,000. Seasonal sales activity generally begins to decline after May or June with a possible correlative decline in home values of possibly 8% to 9% until January.

Mortgage rates seem to have stabilized since mid-April. Currently, a 30-year fixed rate mortgage is approximately 7% based on a minimum downpayment of 25% and a credit score of at least 765. As consistently reported in 2024, an increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. The market continues reverting closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years. As reported in March, I’m not expecting any rate decreases in 2024.

👉See full article with supporting graphs and referenced reports.

Real Estate Market Update - May 2024 — Aaron Freeman Sotheby’s International Realty The Seattle-Bellevue real estate market continues to follow seasonal trends into May, which is generally the peak of the selling season. The supply of single-family homes on the market (For Sales) month over month is increasing as is the quantity of properties going under contract (Pended) and Sold.

The Seattle-Bellevue real estate market entered April, Q2-2024, following seasonal trends with an increasing supply of single-family homes on the market (For Sales) month over month while the quantity of properties going under contract (Pended) and Sold also increased. Overall market activity remains at historic +10-year lows, the same as it did in 2023. However, 2024 continues to be a stronger seller's market with an increasing rate of demand exceeding a decreasing supply of single-family properties in King County.

Many financial analysts and economists were forecasting 5 to 7 rate cuts by the Federal Reserve during 2024 based on the notion that decreases in the Consumer Price Index (CPI), Producers Price Index (PPI) and Retail Price Index (RPI) during October and November 2023 indicated inflation had peaked, unemployment had bottomed, and U.S. economic growth would slow. The finance industry expected the anticipated rate cuts would reduce residential mortgage rates. The Mortgage Banker’s Association forecasted in November 2023 and February 2024 the 30-year fixed rate mortgage would be 6.6% in Q2-2024. In March 2024, subject to Buyer’s credit score and down payment, a 30-year fixed rate mortgage was approximately 6.75%. However, the CPI, PPI, and RPI index reporting for January, February, and March 2024 indicated increases in the rate of inflation fueled by strong consumption and continued government spending. Many financial analysts and economists have revised their rate cut forecasts and now expect no more than two cuts and perhaps a delay of such cuts until after November 2024. The market is re-pricing 30-year fixed mortgage rates based on rate cut forecast revisions. The 30-year fixed mortgage rate during April 2024 increased to 7.57%. However, this increase does not appear to have reduced Buyer demand—an indicator that the market is adjusting to current rates.

As reported last month, an increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. The market continues reverting closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years (see January’s report for graph).

👉See full article with supporting graphs and referenced reports.

Real Estate Market Update - April 2024 — Aaron Freeman Sotheby’s International Realty The Seattle-Bellevue real estate market entered April, Q2-2024, following seasonal trends with an increasing supply of single-family homes on the market (For Sales) month over month while the quantity of properties going under contract (Pended) and Sold also increased.

The Seattle-Bellevue residential real estate market continues to be a strong seller’s market in Q1-2024 while overall market activity remains at historic +10-year lows as it did in 2023. This trend also coincides with historically high mortgage interest rates that have reverted closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years (see January’s report for graph). Currently, subject to Buyer’s credit score and down payment, a 30-year fixed rate mortgage is approximately 6.75%. An increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. I’m anticipating market activity/sales volumes will be higher at the end of 2024 compared to 2023.

Currently, it appears that 2024 is a stronger year in terms of Buyer competition and price appreciation than 2023, which is likely because the current quantity of homes for sale is about 15% lower than last year. The quantity of single-family properties in King County for sale (supply/inventory), sold (demand) and pending (under contract) in 2024 have increased month over month, which follows seasonal trends, as the median home value in January, $852,500, increased 10.2% to $939,939 in February. It’s interesting to note that median home values in 2023 only increased 0.6% from January, at $799,900, to February, at $805,000.

As reported in February, many economists and market analysts have reduced their forecasts for federal fund rate decreases due to economic data indicating the macroeconomic environment is too strong. Many experts are now forecasting 2 to 3 rate cuts in 2024 instead of the 3 to 7 as previously forecasted. I’m not expecting any rate decreases and believe the 30-year fixed mortgage interest rates will range from approximately 6.3% to 7% in 2024. The bottom line is I believe rates will remain higher for longer.

👉See LINK in bio for full article with supporting graphs.

The Seattle-Bellevue residential real estate market continues to be a strong seller's market in Q1-2024 while overall market activity remains at historic +10-year lows as it did in 2023. This trend also coincides with historically high mortgage interest rates that have reverted closer to the long-term 30-year fixed mortgage rate average of 7.74% for over 50 years (see January’s report for graph). Currently, subject to Buyer’s credit score and down payment, a 30-year fixed rate mortgage is approximately 6.75%. An increasing number of Buyers are adjusting to the reality of higher rates and moving forward to pursue lifestyle goals rather than defer them. I’m anticipating market activity/sales volumes will be higher at the end of 2024 compared to 2023.

Currently, it appears that 2024 is a stronger year in terms of Buyer competition and price appreciation than 2023, which is likely because the current quantity of homes for sale is about 15% lower than last year. The quantity of single-family properties in King County for sale (supply/inventory), sold (demand) and pending (under contract) in 2024 have increased month over month, which follows seasonal trends, as the median home value in January, $852,500, increased 10.2% to $939,939 in February. It’s interesting to note that median home values in 2023 only increased 0.6% from January, at $799,900, to February, at $805,000.

As reported in February, many economists and market analysts have reduced their forecasts for federal fund rate decreases due to economic data indicating the macroeconomic environment is too strong. Many experts are now forecasting 2 to 3 rate cuts in 2024 instead of the 3 to 7 as previously forecasted. I’m not expecting any rate decreases and believe the 30-year fixed mortgage interest rates will range from approximately 6.3% to 7% in 2024. The bottom line is I believe rates will remain higher for longer.

👉See full article with supporting graphs.

Real Estate Market Update - March 2024 — Aaron Freeman Sotheby’s International Realty The Seattle-Bellevue residential real estate market continues to be a strong sellers’ market in Q1-2024 while overall market activity remains at historic +10 year lows as it did in 2023. This trend also coincides with historically high mortgage interest rates that have reverted closer to th

🏡SOLD TODAY🏡 Wedgwood | 4BD/2.5BA/3CG with 2,840 sqft built in 2002 (renovated in 2019) on a 7,336 sqft lot | Congratulations to my Seller-Clients! 13 offers were received after over 40 broker showings and almost 150 people came through 2 open houses within 4 days. This property broke a record sales price relative to comparable Wedgwood sales averaging at $1,527,500, which is a +25% increase. I’m always grateful for my clients’ trust and confidence.

🏡JUST LISTED🏡 3239 NE 94th Street, Seattle | Wedgewood | 4BD+den/2.5BA/3CG, 2,840 sqft | Renovated craftsman in Wedgewood with vaulted ceilings offers 4 bedrooms, 2.5 bathrooms, office with custom pre-wired cabinetry and a spacious 3-car garage that’s heated & cooled with 2 car charging stations & workshop. The comprehensive 2019 remodel includes, but is not limited to, Brazilian walnut flooring (refinished in 2024) & ceiling beams, bathrooms, chef’s kitchen w/ Wolf appliances & Sub-Zero refrigerators, and a primary suite with a 5-piece spa-inspired bath & large custom California walk-in closet. Rooms are zoned and separately heated & cooled. Dine inside or out on the new backyard AZEK deck (2023) or outdoor porcelain patio beneath a 25-ft retractable awning. Generac wired-in generator with automatic transfer switch powered by natural gas can seamlessly support the entire home without interruption.
📍Open Houses: 2/24, 12-4; 2/25, 12-4.
📍Listed at $1,595,000
👉See LINK in bio for more info including virtual tour.

Many economists and market analysts had been forecasting the Federal Reserve would make three to seven federal funds rate cuts in 2024 to respond to declining inflation and consumer demand together with a rise in unemployment and a slowing economy. However, recent data released during the past two weeks, including the Consumer Price Index (CPI) and Producer Price Index (PPI), indicates unexpected economic growth, persistent inflation, and labor market strength. Accordingly, the Federal Reserve is now expected to delay fed funds rate cuts until there is more data supporting economic slowing. The good news is it’s highly unlikely the Federal Reserve will continue increasing the Fed funds rate, but it appears Fed funds rate cuts for 2024 may be limited and/or delayed until after the presidential election. Therefore, it appears that 30-year fixed mortgage interest rates will range from approximately 6.5% to 7.2% in 2024. Overall, sales activity will probably continue to be historically low, but greater than it was in 2023, as the market continues adjusting and reverting to the mean. The average 30-year fixed mortgage interest rate for over 50 years, i.e. from April 1971 to February 2024, is approximately 7.74%.

Based on current data and economic conditions, it appears that demand (Buyers) will slowly continue to increase more than supply (homes for sale), which will produce upward pressure on home values. It’s a very tight marketplace.

👉See full article with supporting graphs.

Real Estate Market Update - February 2024 — Aaron Freeman Sotheby’s International Realty Many economists and market analysts had been forecasting the Federal Reserve would make 3 to 7 federal funds rate cuts in 2024 to respond to declining inflation and consumer demand together with a rise in unemployment and a slowing economy.  However, recent data released during the past two

🏚️SOLD TODAY🏚️ Single-family fixer including 3BD/1BA, 920 livable sqft, built in 1958 on a 7,560 sqft lot zoned R6. Represented both Buyer and Seller in an off-market deal.

🏚️ SOLD TODAY 🏚️ Licton Springs in North Seattle | Tear down zoned NR2 on a southern facing 10,387 sqft lot (approx. 121-ft x 85-ft) with a Walk Score of 70. This single-family zoning permits two (2) Accessory Dwelling Units (i.e. ADU & DADU) in addition to primary structure. Represented both Buyer and Seller in an off-market deal.

The resilient residential Seattle-Bellevue real estate market endured another economic record-breaking month that included the 10-year treasury note yield briefly pushing above 5% for the first time in 16 years while the 30-year conventional mortgage interest rate rose to over 8% for the first time in 23 years. Nationally, mortgage demand fell to its lowest level since 1995.

The Seattle-Bellevue residential market activity continued sideways with virtually the same quantity of inventory on the market (for sales), closings (solds), and pending contracts as of September 2023. Based on local seasonal trends, I anticipate there will be a decline in sales and pending contracts from November until January 2024.
👉See full article with video.

Real Estate Market Update - October 2023 — Aaron Freeman Sotheby’s International Realty The resilient residential Seattle-Bellevue real estate market endured another economic record-breaking month that included the 10-year treasury note yield briefly pushing above 5% for the first time in 16 years while the 30-year conventional mortgage interest rate rose to over 8% for the first time

The 2023 residential Seattle-Bellevue real estate market continues adjusting to increasing mortgage interest rates together with a declining inventory of resale homes, now at historic lows.

According to Northwest Multiple Listing Service data, the median sold price for single-family homes in King County as of January 2023 was $799,950 (after the 20% price correction in 2022 due to higher interest rates), peaked in June at $940,000, then decreased to approximately $910,000 in August 2023. Therefore, home prices have appreciated over 13% in 2023 to date, and I expect the year will end with approximately 10% to 12% of annual home value appreciation. Home values and demand in 2023 appear to be adjusting to increasing mortgage interest rates.

Real Estate Market Update - September 2023 — Aaron Freeman Sotheby’s International Realty The 2023 residential Seattle-Bellevue real estate market continues adjusting to increasing mortgage interest rates together with a declining inventory of re-sale homes, now at historic lows. According to Northwest Multiple Listing Service data, the median sold price for single-family homes in King

🏢SOLD TODAY🏢 Admiral District | Unit A, 4BD/2.5BA Live + Work townhouse with 1,988 livable sq. ft. built in 2018 with a Walk Score of 92. No HOA. The WORK unit (Level 1, 288 sqft, 1BD/.75BA ADA) with separate entrance could be an ideal commercial/retail space (zoned NC2) while the LIVE unit (Levels 2-4, 1,633 sqft, 3BD/1.75BA) could be a long or short term rental. Congratulations to my Seller-Clients! They purchased the subject home in 2018 for $800,000 and operated it as a rental property. The following are the current rental scenarios:
▪️Live+Work space (Levels 1-4, 4BD/3BA, 1,988 sqft): 3,800 $/month.
▪️Work space (Level 1, 1BD/.75BA ADA, 288 sqft) zoned NC2: 1,600 $/month.
▪️Live space (Levels 2-4, 3BD/1.75BA, 1,633 sqft): 3,250 $/month.
▪️Live space (Levels 2-4, 3BD/1.75BA, 1,633 sqft): gross vacation/short-term rental is approximately 50,000 to 65,000 $/year.

I’d be happy to help you or someone you know prepare and list their property to maximize value for the Sellers.

🏢SOLD TODAY🏢 Admiral District | Unit B, 4BD/2.5BA Live + Work townhouse with 1,988 livable sq. ft. built in 2018 with a Walk Score of 92. No HOA. The WORK unit (Level 1, 288 sqft, 1BD/.75BA ADA) with separate entrance could be an ideal commercial/retail space (zoned NC2) while the LIVE unit (Levels 2-4, 1,633 sqft, 3BD/1.75BA) could be a long or short term rental. Congratulations to my Seller-Clients! They purchased the subject home in 2018 for $800,000 and operated it as a rental property. The following are the current rental scenarios:
▪️Live+Work space (Levels 1-4, 4BD/3BA, 1,988 sqft): 3,800 $/month.
▪️Work space (Level 1, 1BD/.75BA ADA, 288 sqft) zoned NC2: 1,600 $/month.
▪️Live space (Levels 2-4, 3BD/1.75BA, 1,633 sqft): 3,250 $/month.
▪️Live space (Levels 2-4, 3BD/1.75BA, 1,633 sqft): gross vacation/short-term rental is approximately 50,000 to 65,000 $/year.

I’d be happy to help you or someone you know prepare and list their property to maximize value for the Sellers.

The Seller’s market continues as the supply of homes for sale remains at historic +10-year lows, while the pool of ready, willing and able Buyers is larger, albeit also historically low. Nationally, mortgage applications are at 28-year lows.

On August 25th after the interest rate surge, I had a property listed at $975,000 in Seattle go under contract for full price after 1 day on market. The Buyer is relocating from the Midwest to Seattle for a tech sector job. This is another indicator of a robust diverse Seattle-Bellevue economy. My advice to Buyers is not to wait until mortgage interest rates decrease. If they do, there will be a tremendous amount of pent-up Buyer demand released, which will exponentially increase home values. At that point, Buyers will wish they purchased now and refinanced later.

Real Estate Market Update - August 2023 — Aaron Freeman Sotheby’s International Realty Home purchase and sales activity for the greater Seattle-Bellevue area is generally following seasonal market trends in August despite the 30-year mortgage rate surging to its highest level in 22 years to about 7.5%. The quantity of Sold properties (demand) increased almost 5% from July to August af

🏡SOLD TODAY🏡 West Seattle | 2BD/1BA/1CG with 850 sqft built in 1950 on a 8,367 sqft lot | The Sellers purchased this home for $68,000 in 1985. The As-Is market value was approximately $425,000, however, the Sellers chose to invest over $115,000 in a 2023 comprehensive renovation. The Gain on Sale today at the sales price of $674,000 was $143,246. Congratulations to my Seller-Clients!

Home purchase and sales activity for the greater Seattle-Bellevue area is following typical seasonal market trends. Home sales activity peaked in mid-June and currently the quantity of Sold properties (demand) decreased over 13% from June to July while homes For Sale (supply/inventory) increased over 5.5% during this period as of August 1, 2023. Expected seasonality indicates the quantity of properties going under contract (Pending) may continue to gradually decrease until there’s a spike in activity from mid-August into September. Thereafter, home sales activity should decrease again through the holidays into December. I believe the residential market in Q3-Q4 will be more similar graphically to 2018 and 2019.

Real Estate Market Update - July 2023 — Aaron Freeman Sotheby’s International Realty Home purchase and sales activity for the greater Seattle-Bellevue area is following typical seasonal market trends. Home sales activity peaked in mid-June and currently the quantity of Sold properties (demand) decreased approximately 6% from June to July while homes for sale (supply/inventory) incre