Real Estate Roundup YOUR PULSE on the market | 11.2022 Our market continues to balance with inventory up in almost all areas, and rising mortgage rates are contributing to buyers’ incentive to make their move.
● While it’s still considered a seller’s market, buyer selection is high with more inventory to choose from than buyers have seen in the last 2 years. During the pandemic, buyers widened their search and made concessions on features, amenities, and location. With current market conditions buyers may now find there are multiple properties on the market which fit their needs, perhaps even in their desired neighborhood or street.
● There is also less competition, as some buyers are choosing to put their home search on pause citing higher interest rates taking a bite out of their buying power. Brokers report that while multiple offer situations have decreased, there are fewer offers per listing. Homes in the most affordable price ranges continue to move swiftly, especially those that are in good condition and properly priced.
● Buyers who currently rent include rising rents as a factor in the timing of their decision to purchase a home. Rents are projected to continue to rise and may convince some to get off the fence. ● Most recent NWMLS stats show month-over-month prices are trending downward, but when compared year-over-year, prices are up slightly. Recently released statistics show median closed sale prices for single-family homes are up year-over-year in King County by 5.98%, in Snohomish County up by 8.89%, in Pierce County up 6.19%, in Thurston County up by 4.19%, in Chelan County up 3.81% and in Douglas County up 13.45%. In Spokane County prices are up 6.5% (Spokane Association of Realtors). ● As we move into the holiday season, it will be interesting to see if the market will slow as it has historically during the winter months. Alternatively, our region’s buyers may choose to brave current market conditions on the chance of finding the home of their dreams.
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