How is the real estate market doing in West Seattle? Here is a chart of the active number of single family residence homes for sale per month over the last 15 months including the closed sales and and transactions pending closing for those same months.
In July 2018, 257 homes came available for purchase in West Seattle. This is 112 homes more than July 2017 or roughly a 77% increase in housing inventory. Closed home sales in the month of July 2018 were 153 compared to 196 during the same period the previous year.
West Seattle home inventory growth also existed in the months of May and June this year which is a reversal compared to the last few years as we saw inventory shrink creating one of the strongest seller's market in modern real estate history.
So what is happening? Basically, the supply of homes in West Seattle is increasing at the same time demand is slightly slowing. A decrease in demand is normal in late summer as buyers start to focus on vacations and getting settled for "back-to-school" changes. If anything we are moving toward a more balanced market; supply matching demand. This is good shift for buyers. It is still much too early to determine if this "balancing" is temporary or the beginning of a cooling off period for the Seattle real estate market.