March Real Estate Stats

Spring has sprung...I think! 🌷 Though it still kind of feels like winter, we do have some early spring stats to share for March. 📊

The big takeaway here is that inventory is still minimal in both King and Snohomish Counties. A 1-month supply is nowhere near a balanced market. 📉 We are seeing a return of offer review dates and multiple offers in some areas as demand remains decent. 📝

Though these stats depict a drop in median price year over year, don't let that scare you. ⬇️ We have to remember that we came from one of the most intense, abnormal, frenzied markets we had ever seen last spring. 📈 Prices were inflated by low inventory, low interest rates and unprecedented high demand. The "drop" we see here, really just shows a leveling off to a more normal pricing level. ⚖️

Don't believe the hype. 🤯 The market isn't terrible and the sky isn't falling. If you want to buy a home, do it. If you need to sell your home, do it. There is opportunity on both sides of the coin. 🏡

Updated Stats and a PSA

February stats are here and inventory has dropped back down to a 1-month supply in both King and Snohomish counties. 📉 This is higher inventory than we saw last year at this time, but still seems to not be enough to support our demand. In certain pockets, we are seeing multiple offers once again! 📝

You will also notice here that the median price is down in both counties. Remember that this time last year was the kick off to one of the most frenzied markets I'd ever seen and bidding wars were at an extreme high. For the most part, the frenzy has cooled, so we aren't seeing the percentage over list price we did last year at this time. This partially accounts for the drop in median price. ⚖️

Rates are also higher today which has slowed some buyers, but please know that when they go back down, which they will eventually, the frenzy will likely return. ✨

My public service announcement for today: Don't wait to buy until everyone else does too! Get in now, even at the higher rate, refinance later, and start earning equity ASAP. You'll be glad you did. 🏡