Looking at the data for August, the shift in the market is in full swing with opportunities for buyers to find their home. As mentioned last month, prices of homes are still increasing year over year, we simply are not in the same market we saw in the Spring. The headlines still want you to think the market is crashing and, it simply is not. Honestly, I am enjoying this more balanced market. The data and images you see on this blog are for all the NWMLS.
Snohomish County had a Median Sales Price of $697,000, a nearly 19% increase, for all property types over August 2021. King County’s Median Sales Price was $795,000, an increase of just under 10%, for all property types over August 2021. Both of these numbers are up slightly from last month. We are now entering the Fall Market where we typically see a lot of activity before the Winter Market.
Closed Sale Data
Snohomish County Median Days on Market increased from 5 days to 6 days, which is the exact same story from last month. King County Median Days on the Market stayed the same at 6 days over August 2021, also the exact same number as last month. As I stated last month, we have more inventory and have seen a shift in the market. We’re still seeing the median days on the market be less than a week. Basically, sellers who list their homes based on the current market conditions are still getting offers (many over list still) in a short amount of time while those still looking at the higher prices from the spring are pricing too high with high hopes.
Inventory Data
Snohomish County inventory is still at less than 1 month of supply at 0.9 months of supply, an increase of 12.5% over August 2021. King County is down just over 9% from 1.1 months of supply in August 2021 to 1.0 months of supply. This is the first time in a very long time that our inventory levels have been at, or close to, 1 month. This is a good thing for the market!
Bottom Line
The Fall Market is giving us a more balanced market, finally! Even though we’re not fans of these higher interest rates, many sellers are getting great prices for their homes. Buyers – You Marry the Home and Date the Rate… meaning buy now during a less competitive market and refinance when interest rates go down.
This is a great time for buyers to shop and get your offer accepted. It is still a great time for sellers even though we’re not seeing many multiple-offer situations. Homes are still selling, and the pricing strategy is now more important than ever. Also more important than ever is presenting the house in a way to get it sold! If you’re interested in selling your home, this is still a great time to do so! 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 (which by historical standards are still low), I have successfully won on multiple offer situations with my buyer clients! Let's talk about strategy!
