Much has changed in the market over the last couple months. With June stats recently released, it’s clear that we’re in a shifting market. Still, it’s important to keep things in perspective. By the end of June there were twice as many homes on the market compared to June of last year. However, inventory this June was the fourth lowest June since 1999 — that’s 23 years! Like inventory levels, interest rates also must be kept in perspective. While they are much higher than the record lows of 2020–2021, they are still lower than many strong years when we saw rates 6-7% — all occurring in the last ten years. Conforming rates are currently in the 5.5% to 6% range, and jumbo loan rates are hovering in the 4.75% to 5.25% range.
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:
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.
- Phillip
July Home Maintenance
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Our monthly must-do's to keep your home and outdoor living spaces safe and enjoyable throughout the year.
Reach out if you need service provider recommendations and/or a more complete home maintenance checklist!
