Every June since 2012, at least one of the six cities I work in has sold at full asking price. Bothell, Kenmore, Woodinville, Kirkland, Bellevue, Redmond. This June, not one did. The typical sale in each city landed between 96.8% and 98.1% of what the seller first asked. Seattle held at exactly 100%.
The last June that looked like this was 2011.
Two other numbers from the same month.
Fewer people are walking through. In June 2021, the average home for sale here drew about 22 showings over the month. This June it drew four, the lowest of any June since 2021. If you are deciding whether to list, this is the number I would watch.
Inventory is up 54%, and that is ordinary. There were 1,456 homes for sale across the six cities in June, against 945 a year ago. That sounds alarming until you set it next to the twenty Junes before it, which average 1,333. In June 2008 there were 3,307.
What that means for you.
If you are buying, you have negotiating room that has not existed on the Eastside in fifteen years, and more homes to choose from than in any June since 2011.
If you are selling, your home still sells. What changed is that your asking price is now a starting point. The typical seller is closing about 2.6% below what they first asked, which on a $1.5 million home is roughly $39,000.
I pull this data myself every month and read it against twenty years of history, because one month's number without context is noise. I am a licensed broker with eXp Realty, and I sit on the Bothell City Council, which means I follow zoning and comp plan decisions more closely than most agents do.
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Rami Al-Kabra
Real Estate Broker, eXp Realty
(206) 701-9272
[email protected]
https://linktr.ee/kabrarealestate
P.S. This is the latest issue of Site Lines newsletter. If you missed the earlier ones, you can find the full archive at newsletter.ramialkabra.com.