Updated Stats and a PSA
February 2023 stats.
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. 🏡
Market Update: March Stats
March stats are in and there are a few noticeable changes since February, primarily in median sales prices!
King County inventory dropped by .1 month of supply in March.
Inventory remained the same for Snohomish County at a .4 month supply.
Median price in King County was up by $75,025 to a whopping $845,000!
Median price in Snohomish County was up by $51,000 to $755,000.
March was certainly a frenzied month on the home buying front, but as we approached month's end and the start of April, interest rates began to rise. We don't yet have the stats to show how this may be effecting the market, and it doesn't feel like it is having an overall impact at least for the moment, but we will keep an eye on April's stats to see if can gauge the impact. For now, demand STILL greatly outweighs supply making it a very competitive seller's market!
We’re Off! Here’s to 2021!
The 2021 real estate market is off to an intense start with bidding wars and multiple offers all over the place! This is partly to do with the historically low interest rates we've been seeing. Wondering just how low they are comparatively speaking? Check out this chart below.
We can't predict how long they will stay this low, so if you're tired of renting and ready to invest, let's talk about getting you preapproved sooner than later to help you capitalize on these incredible rates!
November 2020 Market Stats - Snohomish County
I know I sound like a broken record lately, but the inventory levels are just beyond low! For King County, the inventory was 17.8% lower this November than in November 2019. In Snohomish County, it was 63.3% lower this November than last. This accounts for both single family and condos combined. Wow and yikes! All this with no shortage of buyers in sight.
I've said it before and I'll say it again...if you have a home to sell in either county, we desperately need you! Contact me for a complimentary market analysis to see where your value lies and how we can help you capitalize on your equity in 2021!"
Prices have really jumped particularly in Pierce and Snohomish County. If you have been considering a move or are interested in tapping into your equity, I'd be happy to help with a complimentary market analysis for your property. Your home may be worth more than you think!
Average days on market down by 16 days from November 2019
Inventory is at a .4-month supply!
Median sales price up by $82,000 from November 2019 to $547,000
You may be asking what a .4-month supply of inventory really means. Well, I'm glad you asked. It means that it would take only .4 of a month to sell EVERYTHING currently available in ALL of Snohomish County. This includes single family, condos, and townhomes. Snohomish County encompasses a very large territory, so to be able to sell everything that fast means inventory is pretty non-existant! In 16 years of doing business, I don't think I've ever seen a level that low.
If you have a home to sell in Snohomish or King County, WE NEED YOU! Let's chat about how we can help you capitalize on your equity in the new year and put some cash in your pocket early in 2021.
Strongest October Since 2003 for Closings in Seattle
As crazy as it sounds, it’s true. According to the Northwest MLS, home prices and pending sales fell slightly, but closed sales rose to the highest level ever seen during an October—over 3,000 sales. The previous record for closed sales during an October was 2,922 sales in 2003. October this year saw 20% more sales than the highest October level in the last ten years (2,514 in 2016).
It seems that the pandemic and recession is having extremely little effect on homebuying demand.