The last month has been a refreshing mix of a market that’s moving at a decent speed while allowing clients to have some time to make critical decisions.
To sum things up, key market take aways at the end of November are:
- Months of inventory remains at about 2.5. This means if no new homes hit the market it would take 2.5 months to sell the current inventory. A balanced buyer-seller market has a 6 month supply of homes.
- The median sales price for condos and single family homes are both up over 10% in Snohomish County for the year (10.2% and 13% respectively).
- King County condos are selling for an average of 14.1% over last year while homes are increasing a little more slowly at 8.7%.
- For both condos and single family homes it appears the number of closed sales will be down this year over 2017 unless December sees a record number of closings. This means 2018 will see fewer home sales than 2017.
Buyers are finding great stress free homes this fall with less competition and better contract terms. On the listing side homes are sitting on market closer to 3 weeks. I have worked hard to create what I call the “science of the sale” to ensure my listings stand out from the rest. This includes detailed preparation and staging as well as targeting the senses of the buyer with proper scent, visual appeal, and engaging feelings of home.
Looking for more specific information on an upcoming purchase or sale? Let’s chat!