Seattle Market Update
There has been a significant increase in properties for sale compared to a year ago and a slowdown in sales. In King County, 73% more homes were available at the end of May than at the same time last year (in Pierce County 74% more, in Kitsap County 43% more) and in Snohomish County, more than twice as many listings were still active at the end of the month.
Most homes are no longer selling in a few days and multiple offers and waived inspections are also rarer these days. Price reductions are on the rise. Sellers are now more often required to consider offers contingent upon financing, inspections, or the sale of the buyer’s current home.
The additional supply of homes for sale is giving buyers more choices but rising interest rates coupled with inflation have greatly affected the affordability of homes. In fact, some buyers have decided to take a break from house shopping or give up on homeownership completely.
There may be a short-term dip in property prices as the market adjusts to rising mortgage rates, however, demand for homes continues to outpace supply, so we do not expect house prices to decline significantly or long-term.
Last month the median home sold for $998,888 in King county, $815,000 in Snohomish, $582,000 in Pierce and $554,550 in Kitsap.
Advice for sellers: Do not overprice your home in this changing market or “test the market” with a list price that’s too high. This will only translate into fewer showings and your home will take longer to sell.
Advice for buyers: If you still plan on buying a home, don’t sit on the sidelines hoping for huge price drops that aren’t likely to materialize. Take advantage of the increased selection of homes and your ability to negotiate a fair price and other favorable terms.
Our Listings
SOLD! West Seattle Townhouse: Well-kept, move-in ready urban townhome on a quiet street in vibrant neighborhood. $549,000. Congratulations to Travis and Elena on the sale!
COMING Soon! Manette Craftsman in Bremerton.
Did you know
More and more buyers are looking at the climate risks that could be affecting their property value, insurance costs and insurability down the road. Common climate risks include drought, flood, wildfire, heat and storms. ClimateCheck – https://climatecheck.com/ – is one company that tracks and quantifies the risks related to the climate crisis through their proprietary risk assessment tool.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Thank you,
Kerstin ☼ Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com
Kerstin G. Brooks, Broker 