Looking at the data for June, the shift in the market mentioned last month is in full effect. While prices of homes are still increasing year over year, we’re seeing many homes go on market with no offer review date and more reduced price as pricing homes is an art and challenging. While headlines want you to think the market is crashing, it simply is NOT. We simply are seeing a more balanced market, finally. The data and images you see on this blog are for all the NWMLS.
Snohomish County had a Median Sales Price of $685,000, a huge 21.2% increase, for all property types over June 2021. King County’s Median Sales Price was $789,000, an increase of 11.9%, for all property types over June 2021. Both of these numbers are up slightly from last month. I have been reporting that we are transitioning from the heated Spring Market and heading toward cooler/balanced Summer Market, and we definitely are IN the Summer Market now.
Closed Sales Data
Snohomish County Median Days on Market increased from 5days to 6 days, which is a total flip flop over the last two months. King County Median Days on Market stayed the same at 6 days over June 2021. So, even though we have more inventory and have seen a shift in the market, we’re still seeing the median days on 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.
Inventory Data
Snohomish County inventory is at less than 1 month of supply, down 12.5% in June 2021 from 0.8 months of supply to 0.7 while King County is down from 1.3 months supply in June 2021 to 0.8 months of supply, down 38.5%. As mentioned in the opening paragraph, we’re seeing more inventory which gives buyes more choices! Finally!
Bottom Line
Summer is officially here, we are certainly seeing a more balanced market, finally! Even with hikes in interest rates, I still see some homes multiple receiving offers while other homes do not. As mentioned above, many homes are simply overpriced, basing their home values on the sales data from the spring when interest rates were at their lowest.
This is still 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 (which by historical standards are still low), I have successfully won on multiple offer situations with my buyer clients! Let’s talk about strategy!
