Queen Anne Real Estate Market Update
Is the Queen Anne Market Cooling?
In August, the median price of a single-family home in Queen Anne Seattle was $1,498,000 which is a 7.8% decrease from July 2022 but a 7% increase from August 2021. At the same time, homes under contract in the month decreased to just 9 – a 47% monthly drop and 61% less YoY. There are multiple other signs that the market is not as active – only 17 homes sold in August, 59% less than a year ago and Queen Anne currently has 2.7 months of inventory – up a staggering 362% YoY.
Does all this indicate that it is a bad time to consider selling your home? Across Seattle there has certainly been a significant drop off in buyer activity – partly because of seasonality but undoubtedly because of the Fed raising interest rates so dramatically over the past few months. Pricing is down, inventory is up and homes are taking longer to sell across the region. If you are a seller it would seem illogical to list at the current time if you are not required to do so – but it isn’t necessarily a bad time to do it. Yes pricing is down compared to last month, but there are still many active buyers that realize that purchasing a home now as opposed to waiting for the spring market and the typical pricing appreciation it brings might in their best interest. In August the sold vs list price percentage in Queen Anne was 100%. If priced correctly, homes will still sell in Queen Anne – and did I mention prices are still up 7% compared to 12 months ago?
For the rest of the year one can assume that pricing and inventory levels will remain relatively flat, with a bump in both expected around February. If you are considering buying a home in Queen Anne, despite the interest rate hikes now might be the perfect time to shop. If you are considering selling your Queen Anne home, it is certainly possible in the current market but with prep time and possibly more favorable conditions in the spring it might be advisable to target February / March.
If you have any questions about the shape of the current Queen Anne or Greater Seattle real estate markets and how its trends might impact your real estate decision making please do no hesitate to reach out.
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources that are deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to the accuracy of any description or measurement (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided.