Kendall Willis - Broker

Third Quarter Real Estate Market Update!!

3rd Quarter Market Data & Forecast for 2019
A few things stuck out to me as I was compiling the 3rd quarter stats from our local Northwest MLS:
In King County
• Both New listings & Active listings DOUBLED since the first of 2018.
• 16.2% less homes sold within the first 30 days.
• Average days on market for new listings went up from 7 days to 17 days since May of this year, this is mainly caused by our increase in homes on market. We went from a 1.2 month supply in March to 2.6 month in October. Trends are showing this supply of home is still on the rise and new construction is still high in the surrounding areas.
• Average sale price is down to $779,139 from $841,468 in July.
What the stats above say: Although we are still in a Seller’s market the gap to a balance market is narrowing (5-6 month supply is balanced). Even with shaky stock market number our Economy is still in great shape. Interest rates are expected to raise one more time before the end of the year and nudge higher 3-times next year.
With the increase of rates and home supply expect home prices in 2019 to decrease as we lean toward a balanced market.
Sellers on the fence of selling in spring of 2019 SELL NOW! There are still plenty of buyers looking right now and if your home is priced correctly time on market is still under a month! If you want to stop and list your home right now we don’t blame you, just give us a call and we can come out and give you an honest price evaluation of what your home would sell for right now.
If you are a buyer it is more important than ever to pair up with a real estate agent, or team, that has a proven strategy to get your offer accepted.
Buyers looking to get a home now it is more important than ever to work worth a real estate agent, or team that has a working strategy to get your offer accepted. Now is a good time even with prices decreasing in 2019. With interest rates going up your overall cost isn’t going anywhere and with an experienced real estate team such as mine, we have a plan to make sure your offer is accepted. The Frenzy of “bidding up” homes is no longer the norm.

Thank you for reading!🙂

3rd Quarter Market Report | Marketplace Sotheby's International Realty Please enjoy our 3rd Quarter Market Report.

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