A Look at Our Latest Market (and Beyond!)
If you’re a buyer, November’s numbers say now is the time to jump into the marketplace.
What sort of numbers are we seeing this November in Seattle, and perhaps more importantly, what do they mean for our future market? Today, we’ll be finding out.
We’re seeing the market slow down from a few months ago, meaning homebuyers have a newfound ability to negotiate. Residential home prices are down to $750,000, a decrease from our peak of $830,000. Condo prices are down to $495,000 from $535,000. On the East Side, our median home price is $890,000, down from a high of $977,000. Year over year, our prices stayed relatively flat with a 2% increase this year.
There are a few factors driving these changes. Inventory of single-family homes is up 86% across King County and condo inventory is up 188%. In addition, interest rates are the highest they’ve been in a decade. Fortunately, the most recent Fed decision has been to keep rates steady. Though buyers have been waiting for increased inventory and lower prices, they’re still staying on the sidelines for some reason.
What does this mean for you? Sellers are in for a test of patience and a dose of reality. When you price your home, you can’t look at the sales we saw in the spring or even expect us to bounce back to those numbers in the near future. We have clients who are successfully selling their homes today, but they’re pricing reasonably and taking no shortcuts in home preparation. They also understand that patience is key; their home may not sell in a week. And always keep in mind: If it’s not compelling, it is definitely not selling. Because of all the choices buyers currently have, sellers must choose an agent with a great marketing plan. Making your home stand out among the rest is key.
"Though buyers have been waiting for increased inventory and lower prices, they’re still staying on the sidelines for some reason."
For buyers, it’s time to jump into the market and make a move. Sellers are eager for offers and you have plenty of homes to choose from, so you can take the time you need to find the right one. Don’t hesitate to negotiate price reductions and credits toward your closing costs, as well as make contingent offers.
Though I don’t have a crystal ball, I do have some thoughts about what we may be seeing in the future. I predict pricing will stay fairly steady with no major appreciation or depreciation in the near future. With this steady market, buyers will be able to find the right homes for great prices and sellers can make contingent offers to find the perfect new home.
Remember that Seattle is a great place to live and a great place to invest. If you’re looking to buy or sell a home, have any questions, or need further information, feel free to reach out to me. I look forward to hearing from you.