Longer market times and more price reductions are starting to be the new reality. While some buyers are feeling nervous and waiting on the sidelines, many others are taking advantage of the most buyer-friendly market we've seen in years. Buyers now have much more selection, and with higher interest rates and reduced competition, sellers are more willing to negotiate.
Here are some market stats:
- Closed sales nearly matched that of May — roughly just over 9,000.
- Prices are up 10% throughout the entire NWMLS region compared to last year.
- Sales price in King County was up 9% from last year, and down 3.4% from May.
- Pending sales in our region are down 27% from last year and down 4% from May.
- Currently there’s about 1.5 months of inventory — far from a buyer’s market, represented traditionally by an excess of 6 months’ supply.
- Inventory in the tri-county region is up 144% from last year (still the 4th lowest June in the last 23 years).
For anyone considering selling their home, I welcome the opportunity to chat. While home values may be coming down from their peak, the equity increases over the last 2 years are still substantial. For those on the sidelines thinking about buying, there are fantastic opportunities to consider. My team and I pride ourselves in taking a holistic approach when advising our clients, and for some that means waiting. If you or someone you know is in need of any real estate advice, don’t hesitate to reach out. I’m just a call/text/email away.