October Market Update

With Autumn in full swing with blustery weather and shorter days, the market continues to march forward with the same pace we've seen throughout the year though we're seeing a few notable exceptions.

The regional market continues to be seller favored with 0.7 months inventory in Snohomish County (down 70% from last year) and 1.5 months in King, and an average of just 6 days on market in both counties. List to Sell prices averages are above 101% in both counties which is stronger than their 99% average last year.

King County's median home price rose another 2.9% last month to $699,690 bringing the annual increase to 18.6%. Snohomish County posted a 0.9% gain in median home price last month and a gain of 14.9% year over year.

All of this continues to be driven by low-interest rates which on average are down by 0.01% to 2.90% which is another historic low. With today's rates, the average borrower gets 9.8% more buying power than 1 year ago with the same mortgage payment. Based on actions by the Fed, we don't expect interest rates to change significantly in the coming months, and perhaps for another year or two... though most economic predictions more than a few quarters away get fuzzy quickly.

What we do know... it's a great time to be a seller today especially in the suburbs where we're seeing greater relocation. It's a rewarding though challenging time to be a buyer... your mortgage payment goes further, though low inventory requires determination, strategy and persistence to get the home you want.

Call us for more info at 206-489-4920.