Seattle Real Estate Market Update
Let me fill you in on the interesting changes we’ve noticed in the market that might affect you as a buyer or seller.
Today I’ve got a market update for you, and we’re seeing some interesting changes in the marketplace that you should pay attention to.
One thing that hasn’t changed is that the entire Seattle area leads the nation in home price appreciation, as it has for 19-straight months. Residential home prices are up to $830,000, which is a 14% increase from a year ago. Condos are up to $535,000, and this is a whopping 21% increase from last year.
On the east side, we’ve established a new record for median home prices at $960,000, a 10% year-over-year jump.
What are the interesting changes that we’re seeing?
First, for the second-straight month, we have more than one month of inventory in King County. New homes that are added to the marketplace are outpacing sales, and while we’re still far away from a buyer’s market, it does provide some relief for buyers nonetheless. There are over a thousand more homes for sale this month than there were last month.
That said, it is still a phenomenal time to be a seller. However, don’t take shortcuts in your marketing, in pricing your home, or in getting your home ready for sale. Remember this phrase: If it’s not compelling, it’s not selling.
We’re seeing more and more price reductions, and homes are passing the offer review date without getting any offers, and we’re seeing just a few offers for competitive situations, as opposed to getting 10 or more offers.
"Remember this phrase: If it’s not compelling, it’s not selling."
One to two months of increasing inventory and less competition isn’t enough to constitute a trend, but it is something to keep an eye on, particularly with rising interest rates also impacting buyers’ affordability.
If you are a buyer with less competition and increasing rates on the horizon, now may be a great time to enter the marketplace. If you’re a seller, it’s a great time to sell, but remember not to take shortcuts.
If we can guide you on your specific situation, please do not hesitate to reach out. We’re happy to help.