Seattle's Housing Market at a Glance
Summer is coming to an end and there are many trends and opposing factors that are competing to change the direction of the real estate market. Many of you now, the Federal Reserve lowered its benchmark interest rate on July 31. Since then, the 30-year mortgage interest rates have continued to decline. It's actually approaching the lowest we've seen since 2016! Still, most economists agree that these interest rate reductions are not really likely to bring lasting relief for first-time home buyers. There's just a lack of affordable homes currently for sale and the continued high housing prices just keep coming onto the market. This is leading to lower than expected existing home sales at a national level.
Many homeowners (including myself) have refinanced their homes to take advantage of the really low interest rates. Consumer confidence in housing was reported to be at historically high levels. Even with all of this good news, all of the powers that may be are telling us we should closely monitor the market for any changes in the ecosystem. Just because the inventory of affordable homes is seemingly stable, it's stable at historically low levels. This may continue to push prices higher and affect potential buyers across the U.S.
For King, Kitsap, Pierce and Snohomish Counties
- Closed Sales decreased 3.4% for Residential homes and 8.5% for Condominium homes.
- Pending Sales increased 22.4% for Residential homes and 5.0% for Condominium homes.
- Inventory decreased 17.8% for Residential homes but increased 6.6% for Condominium homes.
- The Median Sales Price increased 4.7% to $500,000 for Residential homes and 2.5% to $375,000 for Condominium homes.
- Days on Market increased 21.7% for Residential homes and 61.1% for Condominium homes.
- Months Supply of Inventory decreased 13.6% for Residential homes but increased 16.7% for Condominium homes.
As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving. It's my hope that it'll give you the information needed to make a more informed decision. When you're ready to buy or sell, remember I want to be your only Realtor. -Elizabeth "Elise" Russo