Looking at the data for July, the shift in the market mentioned last month is beginning to be a new normal. While prices of homes are still increasing year over year, we simply are not in the same market we saw in the Spring. The headlines still want you to think the market is crashing and, it simply is not. Honestly I am enjoying this more balanced market. The data and images you see on this blog are for all the NWMLS.
Snohomish County had a Median Sales Price of $690,000, a huge 20% increase, for all property types over July 2021. King County’s Median Sales Price was $790,000, an increase of just over 10%, for all property types over July 2021. Both of these numbers are up slightly from last month. We are deep in the Summer Market and starting to look at forecasts for the Fall Market. Personally, I believe we’ll have a strong Fall Market as people are enjoying this summer without covid restrictions and taking those vacations finally.
Closed Sales Data
Snohomish County Median Days on Market increased from 5days to 6 days, which is the exact same story from last month. King County Median Days on Market stayed the same at 6 days over July 2021, also thet exact same number as last month. As I stated last month, we have more inventory and have seen a shift in the market. We’re still seeing the median days on market be less than a week. Basically, sellers who list their homes based on the current market conditions are still getting offers (many over list still) in a short amount of time while those still looking at the higher prices from the spring are pricing too high with high hopes.
Snohomish County inventory is still at less than 1 month of supply. Last month it was 0.8 months of supply and that is the same for this month, and matches July 2021 data. King County is down 25% from 1.2 months supply in July 2021 to 0.9 months of supply, down 25%. Also like last month, we’re seeing more inventory which gives buyes more choices! This is a good thing for the market!
The Summer Market is giving us a more balanced market, finally! Even with hikes in interest rates (which have been dropping), many sellers are getting great prices for their homes. As mentioned above, many homes are simply still overpriced, basing their home values on the sales data from the spring when interest rates were at their lowest. We’ve also seen more canceled listings and expired listings lately as sellers aren’t getting what they want and either keeping the house, renting it, or planning to try again at the spring time.
This is a great time for buyers to shop and get your offer accepted. It is still a great time for sellers even if the multitude of offers is less. Homes are still very much selling for more, but the pricing strategy is now more important than ever. Also more important than ever is presenting the house in a way to get it sold! If you’re interested in selling your home, this is still a great time to do so, however a smart marketing plan is needed to get you the best price. I’d love to share my marketing plan with you! If you’re interested in buying and taking advantage of interest rates (which by historical standards are still low), I have successfully won on multiple offer situations with my buyer clients! Let’s talk about strategy!