How the recent changes have affected our real estate market.
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Where is our market heading? Let’s take a look at the recent data and find out.
Our average sales prices have decreased every month since the peak in April, but they are still higher than last year. In King County, the average sales price is up 3% year over year at a little over $1 million, while in Snohomish County, it's up 12% at just above $750,000.
In both King and Snohomish Counties, we’ve seen a decrease in the number of new listings. The growth of inventory is starting to level off somewhat. There might not be as much competition for sellers soon, and buyers may see fewer options than in recent months.
Interest rates have also had a huge impact on our market. As they’ve climbed, we’ve seen a significant drop in demand. In June, interest rates peaked at 5.7%, but recently they’ve stabilized around the 5.2% range. Homes are more affordable than they were in June, and people are starting to get comfortable with our more stable rates. Hopefully we will see more buyers enter the market, but we are headed toward a slower part of the year.
Overall, it looks like the market is changing in a healthy way. If you have any questions about why our market is shifting and where things are going, feel free to call or email me. I’d love to help.