Looking at the data for October, the shift in the market is here! There are many opportunities for buyers to negotiate terms, inspection items, and rate buy-down help! Contrary to what the media wants to tell you, 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. I’ve been preaching this now for months. The data and images you see on this blog are for all the NWMLS.
Closed Sale Data
Snohomish County had a Median Sales Price of $705,000, over 14.5% increase, for all property types over October 2021. King County’s Median Sales Price was $800,000, an increase of just under 9%, for all property types over October 2021. Both of these numbers are up slightly from last month. We are now entering the Winter Market where we typically see less activity, but the opportunities are out there! The graphic below shows Median Sales accross the entire NWMLS. Proof here that home prices ARE NOT falling.
Inventory 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 Market stayed the same at 6 days over October 2021, also thet exact same number as last month. We have more inventory and have seen a shift in the market while 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 in a short amount of time while those still looking at the higher prices from the spring are pricing too high with high hopes, then reducing price and often selling for less than they could have if they’d priced the home appropriately when they listed.
Snohomish County Closed Home Inventory is at just over 1 month of supply at 1.1 months of supply, an increase of just over 57% over October 2021. King County is up to 20% to 1.2 months supply in October 2021 from 1.0 months of supply. This data indicates that homes are still selling, although taking more time than before. Gone (at least for now) are the days of listing a home on market and collecting multiple offers 4 or 5 days later.
Bottom Line
As we exit the Fall Market, we’re finally seeing a balanced market! Even though nobody likes the higher interest rates, many sellers are getting great prices for their homes. Buyers, I know you’ve been hearing this already… You Marry the Home and Date the Rate. Even recently I was able to get a buyer into a home after negotiating the sales price, obtaining a rate buy-down credit, AND additional credit at closing after the inspection.
This is a great time for buyers to shop and get your offer accepted. It is still a great time for sellers as you’ll still sell for more than last year. 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!
