I have sifted through the closing statistics from August to bring you the highlights so that you can make the most informed decision when it comes to buying or selling real estate. Here is a your quick market update:
We are in the midst of the summer slowdown but not as slow as usual. Healthy appreciation rates and low interest rates are sustaining activity.
Inventory shortages are constraining activity. Inventory was 11.6% lower than last year leaving a 1.9 month supply available (usually 6 months is considered a balanced market). We had a 12.2 % increase in the number of pending sales for the month of August compared to last year. If you own a home, it is likely that its value is about 11% higher than last year. High demand and low inventory will likely keep prices accelerating through fall. The current median price for Snohomish County is $380,000.
If you are an interested homebuyer your best bet for finding a home will be in the next 60 days as the number of new listings coming on the market in likely to drop by 50% each month between November & February. If you are looking to sell your home, well-priced homes are seeing multiple offers. Some buyers are expressing concerns over possible interest rate hikes. It is predicted that buyers who would normally hold off until spring are now moving into the market just to beat the interest rate increases.
Buyers can expect more open houses on Saturdays now that football season is under way and attention shifts to Seahawks Sunday Fundays. If you didnt get my Awesome Seahawks magnetic calendar, email me with your address; I still have a few left!
Even though the market continues to favor sellers, there are signs it is slowly starting to shift. Were still a far cry from a balanced market, but the overall direction is positive.
Enjoy your week and call me with any questions!