Spring is here, and so is the spring real estate market! In fact, the energy in the market has shifted substantially since the beginning of January. With the new year, it’s as if a light switch turned on and buyers on the fence have all decided to jump in at once.
Since it’s been a few months since we’ve sent out a newsletter, we’re sharing here a bit more market stats for those interested. If not, scroll toward the bottom and check out what Ensemble is featuring in recognition of warmer weather to come- Seattle's best parks, categorized to capture your specific mood and moment. Plus, our Featured Properties, Referral Thank You’s and Personal Tidbit. And don’t forget those spring home maintenance items to keep your home in tip top shape. If you’d like a full checklist, just let us know!
PBNW Homes Team Update
As the local market started off with a bang, so has our business. We’ve been honored to have helped 12 sets of buyers so far this year secure homes, and of those 12, only 4 did not have to compete. Last year the percentage of properties we were involved in that resulted in multiple offers was less than 25%. So far this year, 70% of the transactions we’re involved in have resulted in multiple offers.
We continue to be working with several buyers actively that are hoping to purchase homes over the next few months. On the seller front, we are actively preparing 8 properties that will be listed over the next few months and I’m engaged with several sellers who are either considering to work with us, or I’m helping evaluate whether it’s advantageous to sell now or later. As many of you know that have worked with us, we take a holistic approach to every situation, and we recognize the uniqueness of each set of circumstances.
Interest Rates and Current Market
While interest rates are back up to around 7%, the beginning of the year saw rates in the 6-6.5% range which helped motivate buyers to take action. What also caused buyers to enter the market was seeing overall prices staying flat, and in some of our local areas, they have decreased (slightly), which caused buyers to see that as an opportunity. As expected though, when the masses jump in, so do many others, and so the increased demand has led to price increases. This strong demand lasted throughout January and into today, however over the last couple weeks, I’m starting to see brakes being pressed by buyers ever so slightly, and more listings out there pass their offer review dates without an offer. Are the signs there that the multiple offer frenzy of the first 3.5 months of the year may taper off? I do think slightly, but inventory is still very low and demand too strong. The well-prepared, well-marketed and correctly priced homes will likely continue to see strong results.
In our newsletter going forward, we will start including a live link to Median Sales Price data that’s always updated with the latest data- something that you can easily reference and share with others that you think may be interested.
Market Stats Update
- In the NWMLS, there were 8,100 active listings on the market at the end of March 2024, a slight increase of 1.2% when compared to March 2023 (8,007). Although the overall number of homes on the market increased, active inventory decreased in King (-7%) and Snohomish (-23%) counties.
- New listings in King and Snohomish counties last month both remained flat. 2,954 (2024) versus 2,947 (2023) in King, and 1,114 (2024) vs 1,051 (2023) in Snohomish counties.
- Pending sales were up 8% in King and 12% in Snohomish counties.
- Months of Inventory in King County was at 1.2 compared to 1.3 last year. In Snohomish County it’s under a month, at .8 vs .9 last year.
- Median sales price in King County for single-family homes were up 12.5% ending at $945,500, and for condos, they were up 6.5%, ending at $540,000.
- Median sales price in Snohomish County for single family homes were up 5% ending at $760,000, and for condos, prices were up 4% ending at $515,000.
April stats will likely show continued price increases compared to last year given the increase in pending sales last month relative to inventory. I keep a close eye on stats as it greatly influences the counsel we provide our clients.
Referrals are the lifeblood 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.
Happy Spring! -Phillip
Our Featured Properties
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Free Park-ing for Everyone
The Trust for Public Land recently named Seattle’s public park system the eighth best in the nation. Study after study confirms the mental and physical benefits of access to nature, and 99% of Seattleites have it – within a 10-minute walk of our home. And no one neighborhood corners the market on great outdoor spaces. If you haven’t taken advantage of this unique PNW perk in a while, here are 22 reasons to remind you to lace up and head out.
Let there be (more) light
Seattle and our surrounding environs average 201 cloudy days per year, but you know that – you live here. What we know are a few tricks brighten your home, whether you’re staging it to sell, or just looking to make it look more like it does on the other 164.
Lighten up your color palette. Dark colors absorb light, while lighter, brighter colors reflect it. If you’re not ready to repaint your walls white or light beige, furniture and drapes in light fabrics, bright printed throws or pillows in yellows or blues, and a few houseplants can have the same effect.
Skylights of almost any shape or size are light-drawing magnets. If they’re not an option for you, easier-to-install solar tubes (reflective pipes extending from the roof to the ceiling) are…
Phillip’s Tidbit
Earlier this month Ensemble celebrated it’s One Year Anniversary! We had a fabulous time at the Paramount gathering together with the other brokers. Hard to get a family photo these days so when we do we cherish it! Celebrated Easter weekend across the mountains and our kids are growing like weeds!
Spring Home Tips
Our short list of quick tips to keep your home safe and enjoyable. Don’t hesitate to reach out if you’d like any service provider recommendations and for a complete home maintenance checklist.
Market Stats
(Median Sales Price - Live Data)
King County
Residential or Condo
Snohomish County
Residential or Condo
Reach out if you would like a customized neighborhood or area report.
