July Market Update

Summer is in full swing and the local real estate market is moving at nearly full speed even when compared to last year... inventory in King County is 1.4 months and in Snohomish County, we're down to just 1 month... levels which are down about 50% from this time last year. However, this exceptionally low inventory is not driving huge price spikes as list to sell price ratios are averaging between 100.8% and 100.2%, and days on market are very similar to this time last year.

Home values are up substantially year over year with King County rising 5.7% to $671,000 and Snohomish County up 7.5% to $510,580.

Buyer activity is largely driven by interest rates which are down to 3.13% saving buyers more nearly 8% on their monthly payments compared to rates from 2019.

What can you do?
Call us and we'll help you learn how you can make today's market work for you.

• Homeowners - consider refinancing if your mortgage rate is above 3.75% and you plan to be in your home for the next 2-3 or more years... dropping your rate 1! could save your $400+ a month!

  
  

• Renters - consider purchasing a home to lock in today's historically low rates which are making homes far more affordable.

  
  

• Moving Up/Down/Around - if your home isn't meeting your needs/wants/dreams, now is a wonderful time to consider making a move... It's a wonderful time to sell and take advantage of the seller's market, and meanwhile, it's still a reasonably good time to be a buyer with reasonable inventory to help you find a great fit for your next home while also locking in an affordable long term payment.

  
  

  Call us for more info at 206-489-4920