Real Estate Roundup YOUR PULSE on the market | 7.2022 Our real estate market continues to simmer with fewer listings, but enough demand to have buyers battling over the best listings.
● As we begin to enjoy the warming
Washington summer, interest rates are rising and the housing market across the state has cooled just a bit.
● Everyone is talking about balance,
which many believe is a muchneeded development that will contribute to the overall health of the market in our region.
● Brakes are being tapped at almost
● Price appreciation is slowing year-
every price point and the market is slowly returning to prepandemic routines. Multiple offers are still happening for properly priced homes, but sellers are seeing more contingencies and a reduction in the number of buyers willing to make concessions such as waiving an inspection.
over-year, but prices continue their upward trend. The most recent MLS data shows us the closed sale prices for specific counties, compared with the same month a year ago. In King County prices are up by 14.82 percent, in Snohomish County up by 16.93 percent, in Pierce County up by almost 14.12 percent, up in Thurston County by almost 15.04 percent, and in Spokane County, up by almost 18.2 percent.
● With inventory levels rising,
buyers have some breathing room to take the time to gather information. Buyers also have more selection to choose from which means they can get closer to purchasing the home of their dreams, that meets their needs and checks off most of the boxes on their wish list. At the same time, some buyers may be feeling the heat of rising interest rates, and the shrinking of their buying power with each passing day.
● The MLS stats show inventory
hovering around one month in most areas, which means the market is still moving fast. Buyers and sellers hoping to be settled and on to their next chapter by fall will want to make their moves in the next few weeks.
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