If any of you are fans of the Netflix phenomenon Stranger Things, you'll appreciate my analogy of the current housing market being like the "upside down". Typically this time of year brings a seasonal slow-down and a decrease in offer activity and resulting price growth. But the Eastside in particular is bucking this trend -big time. The median sale price in November hit an all-time high at $1,428,000. Up 35% from a year ago and 4.6% from October of this year. Active Inventory dropped to an all-time low of a mere 100 houses for sale.

In November 2020 we had 300 houses for sale more than we do currently but well below the ten-year average of roughly 1,000. This significant crimp in supply resulted in 68% of all homes selling above asking price for a median difference of 14% . Last week a home went pending in one day and before I could take my client to see it. Yesterday I called a new construction community to make an appointment to bring my clients and their first availability was 10 days from now.

So what does this portend for 2022? Fortunately at Windermere we have our very own Chief Economist, Matthew Gardner and I recently attended his housing market forecast. Citing continued demand, our strong economic base and low interest rates he predicts a continuation of strong activity well into 2022 but rightly points out that price growth will slow, mostly because wage growth cannot keep up with the skyrocketing real estate values. As such, he forecasts about 10% growth in 2022 on the Eastside and about 6% overall in King County.

𝐁𝐨𝐭𝐭𝐨𝐦 𝐥𝐢𝐧𝐞 𝐢𝐬 𝐭𝐡𝐚𝐭 𝐧𝐨𝐰 𝐢𝐬 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐛𝐮𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞𝐬 𝐚𝐧𝐝 𝐩𝐫𝐢𝐜𝐞𝐬 𝐠𝐨 𝐮𝐩 𝐧𝐞𝐱𝐭 𝐲𝐞𝐚𝐫 𝐚𝐧𝐝 𝐚 𝐠𝐨𝐨𝐝 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐬𝐞𝐥𝐥 𝐭𝐨 𝐠𝐞𝐭 𝐭𝐨𝐩 𝐝𝐨𝐥𝐥𝐚𝐫 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐡𝐨𝐦𝐞 𝐛𝐞𝐟𝐨𝐫𝐞 𝐛𝐮𝐲𝐞𝐫𝐬 𝐞𝐱𝐢𝐭 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐨𝐯𝐞𝐫 𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬.

Feel free to reach out to talk further about your situation and how I can be of service. And above all, have a safe and healthy holiday season.

Call or text me anytime using 425-495-0926 or feel free to email me GinaM@Windermere.com