Looking at the data for March, we are finally seeing a shift in inventory and while prices of homes are still increasing, we’re seeing many homes have less offers and even some go beyond the posted offer review date. Could we finally start seeing a more balanced market? Increasing interest rates and general uncertainty in the ecomony is having an impact as well. The data and images you see on this blog are for all the NWMLS.
Snohomish County had a Median Sales Price of $668,000, a huge 23.7% increase, for all property types over April 2021. King County’s Median Sales Price was $774,000, an increase of 13%, for all property types over April 2021. We’re now beginning to transition from the heated Spring Market and heading toward Summer Market.
Closed Sales Data
Snohomish County Median Days on Market decreased from 6 days to 5 days, while King County Median Days on Market stayed the same at 5 days over April 2021.
Inventory Data
Snohomish County inventory is at less than 1 month of supply, down 33.3% in April 2021 from 0.9 months of supply to 0.6 while King County is down from 1.4 months supply in April 2021 to 0.7 months of supply, down 50% but up slightly over last month’s data. Inventory accross the entire MLS system is up 22%, which is a new trend to watch! As mentioned in the opening paragraph, we’re seeing more inventory which gives buyes more choices! Finally!
Bottom Line
As the Spring 2022 begins to come to an end, we are still in a seller’s market but buyers are beginning to have more choices, Even with hikes in interest rates I’ve seen some homes multiple offers while other homes receive less offers and some go past offer review date. This is a good time for buyers to shop and get your offer accepted. It is still a great time for sellers even if the multitude of offers is less. Homes are still very much selling for more, but the pricing strategy is now more important than ever. If you’re interested in selling your home, this is still a great time to get it sold, however a smart marketing plan is needed to get you the best price. I’d love to share my marketing plan with you! If you’re interested in buying and taking advantage of interest rates (as they climb), I have successfully won on multiple offer situations with my buyer clients! Let's talk about strategy!
