As the year comes to an end, I want to wish everyone a peaceful and safe holiday! To all our clients and those that have referred business to us, a big thank you for your trust and business. We look forward to helping many more people in the new year!
We’re speaking to several buyers and sellers that are planning on making moves in 2023. With inventory down the last couple months, many buyers and sellers have been forced to put their moves on hold. This pent-up demand has us gearing up for a busy 2023, despite what the media outlets are suggesting about the market. Sales will be down, yes, but there will still be plenty of homes for sale and opportunities for buyers.
This December is slower compared to previous Decembers — no surprise, given the higher interest rates and general worries about the economy. December is also generally a month with the fewest new listings due to the holidays. It’s also when there’s less competition. Despite the slowdown, many buyers are taking advantage of the opportunities out there. In the last two weeks, we helped 3 buyers get under contract on homes closing next month. Earlier in the month, a listing of ours sold with multiple offers. Interest rates are lower than they were last month, and today’s buyers are securing market rates with the intention of refinancing, in anticipation of lower rates in the near future. Additionally, large closing credits are often being negotiated to help offset closing costs and interest rate buy-downs.
Next month I will share my market predictions for 2023. If you or someone you know would like to learn more about the current market, don’t hesitate to reach out. Each situation is different and we’re here to help. I’m just a call/text/email away.
I wish you the very best as you celebrate this holiday season. May your celebrations be happy, healthy and safe!
-Phillip
- About half of homes are selling under list price and within 30 days.
10-20% of homes are selling for slightly over list price.
November saw selling prices on average 98% of the listing price, compared to 104% last year.
Median prices have dropped to mid-winter levels, and November prices year-over-year are just 1% higher in King County, and 4% higher in Snohomish County.
Sales and closings are down about 40% which is about the same level as Jan and Feb of this year.
Days on market average for King and Snohomish Counties are 34 days, up from 14 days last year.
Inventory of November new listings was down 24% versus last November but active listings were 2.5 times that of last year. Last month inventory was at 2.36 months, matching that of January 2019 when overall inventory was at 2.4 months.
