November Market Watch

Is the market slowing down? Yes. Is it a good time to be a buyer? Yes.  Is the world as we know it crumbling around us? No.

To put things in perspective, all the talk of a major slow down amounts to the following in King County:

  1. The average list to sale price ratio is at about 99.5% versus 100% or more. On a $600,000 home that means a buyer may purchase it for $597,000 (0.5% below list price).
  2. The current inventory rates are higher than they have been in years. A “normal” market has a six month supply of homes. We are currently sitting at a 3 month supply which is up from a 1 month supply. Months of supply means how long it would take to sell all the homes if no new homes hit the market.
  3. Single family home prices have increased 9.5% and condos 14.1% in 2018. September and October sale prices were below average for the year. But, keep in mind the increased inventory at that time.
  4. As the uptick in inventory from late summer (remember that 3 month supply of homes?) is absorbed we will likely see another shift. Late fall is not an ideal list time and fewer new listings will hit the market.

Bottom Line:

As a seller in this market it is imperative you work with an experienced broker who knows how to prepare and market your home. The added edge of a premier listing will help you sell faster and for the best terms.

As a buyer, navigating appropriate offer strategies, loan options, and even stretching yourself to possibly obtain a home previously out of your range are all topics to discuss with your broker.

Call me today for more tailored information!

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