the
Volume 9 | Issue 9
EYE ON THE
SEPTEMBER 2018
market
Temperatures are starting to cool off, and the housing market is following suit. This means that homebuying has become less competitive for homebuyers, making the offer game a lot more easygoing. Inventory of single-family homes for sale in King, Pierce and Snohomish counties increased by 10.4 percent in July, compared to June. This cooloff period is helping sellers be more flexible about timing to sell. As the market continues to stay steady in Pierce County, with 1.5 months’ supply of single-family homes, experts are still noticing the shift in homebuying farther south. According to the Northwest MLS, Pierce County’s median closed homesale price in July was $353,500, compared to $351,000 in June. Brokers report that despite higher interest rates, the South Sound market remains steady compared with last year, powered by the larger selection of affordable homes.
LOCAL
happenings
8/23-9/3 Evergreen State Fair in Monroe | evergreenfair.org 8/29-9/1 Studebaker Drivers Club 54th Annual International Meet in Tacoma | sdcmeet.com 8/31-9/2 Bumbershoot Music Festival in Seattle | bumbershoot.com
Buyers may expect a shift in overall market prices in King County as inventory increases. King County has become less aggressive, with 1.62 months of inventory, and the average sales price for homes sold in July was $699,000, compared to June’s median sales price of $715,000. The Seattle Times reports that real estate experts are attributing this cooldown period to rent stabilization, increased mortgage rates, and stagnant job growth in the region. Although the market may appear to be slowing down, experts are confident that activity in the market will remain consistent.
#W I R E F R A U D fact helping you protect your hard-earned money
did you know... According to data from the FBI, in 2016, $19 million in home closing funds were reported lost to wire fraud. In 2017, nearly $1 billion in funds were diverted from real estate purchase transactions and wired to scammers. From 2015 through 2017, there was an 1,100% rise in the number of such real estate scams and a 2,200% rise in the reported monetary loss. Never act on wire instructions sent to you via email or text. If you suspect wire fraud with your transaction or have questions about wire procedures, contact your escrow closer immediately at a known and verified number.
8/31-9/2 Olympia Harbor Days harbordays.com 8/31- Washington State Fair in 9/23 Puyallup | thefair.com *The Fair is closed Tuesdays and Sept. 5
7-9 Mukilteo Lighthouse Festival mukfest.com
7-9 San Gennaro Festival of Seattle sangennarofestivalseattle.org
8 Chinatown-ID Night Market cidbia.org 8 Burien Arts-A-Glow Lantern Festival | burienwa.gov 8 Issaquah Wine & Art Walk downtownissaquah.com 8-9 Bacon, Eggs & Kegs in Seattle baconeggsandkegs.com 8-9 Seattle Design Festival Block Party | designinpublic.org 9 Live Aloha Festival in Seattle seattlelivealohafestival.com
13-16 Boats Afloat Show in Seattle boatsafloatshow.com continued next page