As the vibrant leaves turn shades of gold and the city of Seattle transitions into the enchanting season of fall, it's our pleasure to welcome you back with a snapshot of the recent pulse of the Seattle real estate market. In June, our city experienced a surge in closed sales, reaching the highest volume recorded since September 2022. A remarkable 6,842 closed sales breathed vitality into the market, even though the number represented a 24% decrease compared to the same time last year.
The driving force behind this enthusiasm can be attributed to the fiercely competitive atmosphere cultivated by limited inventory. The Northwest MLS report disclosed a mere six weeks of supply, equivalent to just 1.55 months. In a market where supply and demand are tightly interwoven, this scarcity is apparent in a dozen of the 26 counties, each boasting less than two months of inventory. King, Kitsap, Pierce, and Snohomish counties particularly stand out, collectively holding almost 55% of the inventory. However, the story changes in five counties with more than four months of supply.
This juxtaposition of limited inventory and soaring demand has created a challenging environment for buyers, as demonstrated by a stark decline in active listings of single-family homes and condominiums system-wide, down nearly 21% from June 2022. Specifically, single-family home inventory saw a decrease of about 22.4%, while condo inventory took a hit, dropping by 9.2%. The quest for the dream home became a more intense endeavor.
Yet, amid these challenges, there's a glimmer of hope for prospective buyers. In June, NWMLS members introduced 9,481 new listings to the inventory, marking the highest total since August 2022. This surge in new listings piqued the interest of those on the hunt for their next home. Nonetheless, the demand remained unwavering, leading to a surge in median prices, notably in King County, where the median price for single-family homes (excluding condos) soared to $935,000.
In the midst of this dynamic supply-demand interplay, the Seattle real estate market continues to captivate both buyers and sellers. As we delve deeper into the fall season, the market's intricate nuances promise opportunities for all. Stay tuned as we navigate the ever-evolving landscape of Seattle's real estate scene.