April Market Update

With March’s stats just in we’re seeing the market continue to grow this Spring with:

• Home Prices Up 2-3%
• Inventory Rising by 0.5 Month, But Still Under 2 Months
• Days on Market are slightly higher than last year.
• List to Sell rations moderating down 0.5% to 2.1%

Overall, we’re seeing two distinct market experiences emerge within the broader sense of political, economic & interest rate uncertainty:

Highly Competitive Market… 36% of our market’s listings are experiencing competitive offers which is down 4% from earlier this year. This competition is leading to 30% of buyers waiving inspection contingencies and 38% waiving financing contingencies - two key strategies to win.

This competition is most prevalent around the 75% to 200% of the median price of local markets with competition fading as we exceed 200% of median price. For instance, in Seattle a median house price in March 2025 is $990,000 with an average 102% list to sell ratio. For properties priced, $750,000 to $2,500,000, we’re seeing average list to sell price ratios in the 103-105%, whereas over $2,500,000 this drops to 97.4%. While not exactly matching, this trend is similar in many other markets in the region.

Balanced with Negotiation Market… the other 64% of the market is seeing greater balance… especially for those properties in areas of lesser demand relative to their competitive neighborhoods, in lesser condition due to aging or deferred maintenance or those which are simply optimistically priced. These properties are hanging on the market for longer, and are seeing price reductions either at the listing level or through offer negotiation. These Sellers are still banking amazing returns from the 40-60% rise in prices over the past 5 years, whereas Buyers are finding some better deals than expected.

Conclusion?

In spite of the uncertainty, the market is marching forward and we’re seeing progress with interest rates moderating, inventory staying stable & prices rising at a modest pace. By acting strategically, this a market of opportunities both for “market timers” and those seeking to hold long term.