December 2023

With the end of year approaching, I’d like to wish everyone a wonderful holiday season and New Year celebrations filled with joy, positivity and gratitude. 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!
As I reflect on 2023, I can’t help but feel proud of our team and everything we’ve accomplished. This year we’ve helped over 30 buyers and sellers reach their real estate goals and have assisted more than a handful of folks outside our area through our real estate networks.
We’re now six months in to our move to Ensemble, and I’m delighted to say we couldn’t be happier. After a 19-year tenure at Coldwell Banker Bain, the decision to move was not made lightly. It’s inspiring and satisfying to be working with a highly involved and collaborative group of brokers. Being part of Seattle’s first cooperative not-for-profit brokerage where brokers and clients are at the forefront of all decisions made is something I’m very proud of.

Market Recap

A good recap of last month’s figures can be found in this Seattle Times article. Median price for single family homes in King County was unchanged from the previous month and up 7% from last year. In Snohomish County, median price was up 4% year-over-year. Listings in King County were down about 30% from the previous month and down 11% year-over-year. Seattle pending sales were up slightly this November compared to last year (530 this year vs 525 last year). With interest rates being significantly higher than last year, that says a lot for overall buyer demand.
Inventory remains low because many would-be sellers are reluctant to part with their low interest mortgages, and homes available for them to purchase are limited. Rates have come down in the last couple of weeks and are projected to continue a tempered downward trend. Several stagers I’ve recently spoken to shared they are fully booked for January which means greater inventory is on the horizon. If rates continue to drop and we see more inventory, we can surely expect a busy spring market.
We have several buyers and sellers we’re helping ramp up for the new year, and a handful of active buyers we’re working with. While media reports tend to show gloomy reports, there are still plenty of movement in the market. Our latest listing sold earlier this month in 11 days and last month we had two listings that sold in under two weeks.

Market Predictions

I’m noticing an energy out there that 2024 will bring a robust real estate market. National projections show an 18% increase in number of transactions, and leading local economists predict that in our region we will see prices end up flat in 2023, but rise about 5% next year, Several economists and banks are predicting mortgage rates will continue to decrease and the year will end with rates in the 6’s. As mortgage rates soften, many buyers on the fence will likely jump back into the market.
Earlier this month we hosted a fun client party with Santa photos at our home. It was a huge success with loads of fun had by many! We’ve shared a short video from the party below.
Finally, as you gather with friends and family over these next couple weeks, please keep us in mind when someone shares a real estate need. Referrals are the life blood of our business and your support means the world to us. Don’t hesitate to reach out, 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

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Did you know?

With the first day of winter upon us, it’s a great reminder to take care of much needed winter home maintenance. Be sure to also replace batteries in smoke and CO detectors. Did you know that we have a custom home maintenance checklist we share with our clients. If you'd like a copy, please reach out and we’ll be share a copy with you.

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2023 Holiday Cheer Party

We are absolutely overflowing with gratitude for the incredible outpouring of love that graced our home earlier this month for our annual PBNW Homes Team holiday cheer and Santa photo party. Cherished clients who have truly become friends gathered around us, filling every corner of our house with warmth and joy. A whopping 130 were in attendance! Seeing the many wonderful people we’ve helped find and sell homes inspires us to raise the bar in the new year.

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