What buyers and sellers need to know about the end of 2023’s market.
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What’s going on in our housing market as we approach the end of the year? As expected, we're observing typical seasonal trends in both Sonoma County and King County, which indicates a normal and healthy market. Compared to last year, inventory is down approximately 30% in Sonoma County and 17% in King County.
The market tends to slow down during this time of year, which is totally normal. Prices have seen a slight decrease, but this is likely to change come spring, especially with interest rates steadily declining over the past few weeks. If they dip below 7%, it would mark the first time in a few months that rates have reached such lows.
In terms of the average days on market, the time it takes for homes to sell, we're seeing an average of 25 to 30 days overall. In Sonoma County, the median days on the market are closer to 15 days, indicating that well-priced and attractive homes are selling swiftly. However, less appealing inventory may linger on the market. Despite the winter season typically yielding fewer showings, serious buyers are still active, reflected in an average of about 10 showings before a house goes pending.
For buyers, this means relatively low competition at the moment. However, we anticipate a surge in activity as we head into the spring, with February usually marking the beginning of increased market activity. Sellers can benefit from the current market dynamics, enjoying fewer but more meaningful showings to serious buyers. It's a good time to prepare for the expected uptick in February or take advantage of the present conditions, with fewer inconveniences during the holiday season.
Finally, I’d just like to wish you all a happy holiday season and a happy new year! Don’t hesitate to call or email me with any questions; I look forward to hearing from you!