Published December 17, 2019
Reece Homes December Market Report
It seems we all, writers and readers, seek excitement and intrigue in news and updates, even when the drama isn't truly desired. In this month's update, I'm embracing the beauty of a steady real estate market.
After 7 years of substantial expansion of our local economy and housing market with significant growth in housing values exceeding 50%, with many years seeing double-digit increases, the past couple years returned us to more typical markets with 3-5% growth in prices. Thus far in 2019 with a 2.7% increase in values in King County and 4.5% in Snohomish.
The underlying metrics are healthy, as well, with a slight favoring of Sellers over Buyers with inventory remaining at 1.5 months and average days on market at 18-30 days depending on where you look around the market.
Buyers' affordability is remaining strong with low interest rates (3.68% as of Dec 1st) which are down 1.13% from 1 year ago - this alone made mortgages 14% more affordable!
As we look forward to 2020, we expect to see this steadiness to continue. We're seeing more availability of new construction homes at a variety of price points which is easing inventory and moderating prices while interest rates are enabling more buyers to take action to purchase their first, next, or dream homes.
Some charts to consider:
