Happy New Year Stats

Happy New Year! I hope 2025 is off to a great start for you all. 🌟

As 2024 came to a close, we saw less new inventory as is seasonally expected. YOY trends from 2023 to 2024 were quite similar and demonstrate the seasonality of our market. 🎄

Generally speaking, buyers who are home shopping during the holiday season are usually quite motivated. There can be some deals to be had during that time too as the market slows. So, what sort of offers were buyers making and do we think this will change as we get further into spring? 💡

Between King and Snohomish counties combined, multiple offers occurred only 30% of the time. Half of all offers included an inspection contingency, while 73% included a finance contingency for a home loan. (This does not mean that 50% of the people opted not to have an inspection. Though they waived the contingency, it is possible they received an inspection report from the seller to aid them in their decision. This is becoming more common practice.) Escalation clauses were fewer and farther between at only 9% of offers. 📊

As we get into spring, I would anticipate this trend reversing a bit, especially if inventory remains low. I would anticipate seeing more multiple offers and fewer contingencies. If you are considering a purchase this year, it may be a great time for you to jump in as competition isn't quite as frenzied. (At least not yet.) 🏡

If you are interested in learning more about this, please don't hesitate to reach out. I'd be glad to chat! 📲