September Market Update

Autumn is around the corner and the market is still moving swiftly powered by low inventory, high demand & low interest rates. Mortgage rates continue to remain low, averaging 2.91% which is 0.09% lower than this time last month continuing to improve buying power & affordability. Meanwhile, inventory in King & Snohomish county decreased to 1.5 & 0.9 months respectively. This is only down slightly, but nonetheless continuing the strong seller's market. The other metrics reflect this markets strength with 6-7 days on market, & the average listing selling at 101.5-102% of their list price.

Median home value in King County rose to $680,000 up 1.8% from last month, and up 11.5% from this time last year. Meanwhile, Snohomish county media value actually fell 1.5% last month to $526,870, although compared to last year it's up 13.6%. The decrease in median value is likely due to a greater volume of entry level homes selling as people gain confidence in their long term job prospects.

As we look forward to the rest of the year, we see the market continuing to remain brisk driven by the recovering economy, low interest rates, & limited inventory (though based on our own business, we do expect to see a flurry of new listings in the next 3 months).

Generally speaking, we're finding the typical "spring market" from March to August was shifted after we lost March/April, and now we expect a strong market through mid-late November with a potential break in December followed by a quick ramp up in early 2021. Give us a call if you're wondering how to make the best of the market.

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