Kill the Noise...Our Local Market is Still Commanding Attention for Both Buyers And Sellers!
Hi, Gina Madeya with this month's Market Minute.The talk of us tipping toward a recession and being in a bear market is nothing new. But would it surprise you to know that hibernating buyers are coming out of their slumber and back out house hunting? Last year, after a meteoric rise in home values, rising interest rates, all but killed buyer demand. As a result, the median sales price on the Eastside fell from $1.5 million in January of ‘22 to $1.3 in January of ‘23. The additional stats tell the rest of the story.
The percentage of home selling above list price went from 71% with a median difference of 20%, to paltry 8% selling above asking price for a median difference of 3%. Time on market is increasing as well along with months of inventory. Interest rates continue to stabilize and are slowly coming down, but in our area, there are secondary factors that will also affect the real estate market, namely layoffs in the tech space. So while lower interest rates and lack of inventory could push prices up, that may be offset by concerns about the local job market. Meanwhile, the headlines seem to contradict themselves, vacillating between an increase in buyer activity and tumbling prices.
In Seattle overall, prices are actually up year over year. This of course reinforces an old adage that all real estate is local. So homes in desirable locations presented and priced well, are commanding attention. So what are we seeing as we work with buyers and sellers? Our new listing has received a healthy amount of attention in both buyer, private tour, and open house activity. Offer review deadlines are making a comeback and some homes are selling for above list price in multiple offer situations. As a result, I agree with Windermere’s Chief Economist Matthew Gardner who stated he would quote “caution buyers who think conditions are shifting completely in their direction.”
So whether you're thinking of buying or selling a home and are curious about how these market dynamics impact you, reach out today so we can work together to devise a strategy for your success.
If you have any questions about this year's housing agenda, feel free to reach out. It's something I'm truly passionate about, and I would love to talk with you further.
Call/text or email me anytime! ginam@windermere.com.
