Published November 19, 2021
November 2021 Market Update
October's market statistics are in and here are the highlights....
Median Prices - continuing to rise though at a slightly lesser pace than earlier in the year when we saw month-to-month gains peaking at 5-8%.
Inventory - continuing at historically low levels and showing its season tightening with fewer homes on the market.
Days on Market - stable in King County and rising a bit in Snohomish County... still very low, and 'artificial' since many listings are being held on the market for at least 5-7 days before offers are reviewed.
List to Sell Price Ratios - Snohomish county dropped a bit but still well over 100%.
Interest Rates - are rising, though still historically low.
What Does it Mean?
The market continues to be competitive for Buyers, and favorable for Sellers. Growth in prices is starting to moderate and inventory levels rising means things should feel a bit more balanced for Buyers in the future... though we'll have to see if these trends continue especially as more Buyers get aggressive to lock in lower mortgage rates.
Overall, we have little concern about issues with today's market and we expect it to continue on its current course unless there is a substantial, national or regional interrption.
