January Market Update
It's been a minute since I did a stats post! One of my goals this year is to really focus on digging into this each month. 🧐 So, here we go...
January stats are in and it looks like I'm returning to my broken record of "WE NEED MORE INVENTORY!" 🔔 King County saw a 2 month supply last month while Snohomish County got by with just a 1 month supply. This was slashed in half from what they saw the year prior. Because of this we saw a quick start to the 2024 market with earlier bidding wars than we might typically see. 📈 This high demand and low supply contributes to the rise in median sales price for both counties, despite interest rates bouncing around in the high 6% to low 7% range. (National average today is 7.14% for conventional 30-year fixed.) ⚖️
Homes that are priced accurately and show well are still seeing tremendous activity and often multiple offers with waived contingencies. I have yet to see as large of a bidding war as we did in spring of 2022, but there's still time... ⏰
The moral of the story here is that if you have a home to sell, now is a great time! It's hard to say what our true spring inventory will look like in March and beyond, so if you can beat the competition and list prior, you should be in great shape. 🌸
If you are a buyer in this market, just know that who you work with on both lending and agent side truly makes a difference. Having a lender and agent who have been through multiple offer markets time and time again, and who can work together as a team to navigate negotiations on your behalf, will be the key to your success. 🔑
Whether you are a potential buyer or a seller, let's chat to see how we can help you meet your real estate goals in 2024! 🏆
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. 🏡
