Seattle's Housing Market at a Glance
Fannie Mae has been predicting that our low interest rates will continue to get even lower; they seem to be correct as the Federal Reserve reduced the federal-funds target rate by .25%. Most economists completely expected this and worked it into the predictions for the future of real estate lending. Good news for buyers is, rates are still about 1% lower than this time last year!
As we enter into the slower time of the year, there aren't many fixed-up homes to choose from. Buyers and sellers should remember, there really isn't that much of a change in value from one season to the next, unless the actual market is in an upward or downward trend. This of course will affect the values for an extended period of time until things normalize again.
If you're wondering if now is the right time to sell? For many, the lower interest rates are creating the perfect additional lift in finances, giving buyers more security and allowing them to purchase a nicer home. Don't be afraid to contact me to list your home for sale. With the lower rates, there are many buyers ready to pull the trigger, and they're just waiting for a move-in ready home.
For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties
- Closed Sales increased 1.4% for Residential homes but decreased 12.3% for Condominium homes.
- Pending Sales increased 20.1% for Residential homes and 16.8% for Condominium homes.
- Inventory decreased 27.4% for Residential homes and 11.0% for Condominium homes.
- The Median Sales Price increased 6.9% to $499,950 for Residential homes and 0.8% to $360,000 for Condominium homes.
- Days on Market increased 3.3% for Residential homes and 17.9% for Condominium homes.
- Months Supply of Inventory decreased 30.4% for Residential homes and 4.8% 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. -Elise Russo
Further Listening on the topic of low interest rates by CNBC
U.S. mortgage rates remain well below the historic average, yet home sales continue to struggle. | Chart: Freddie Mac