TEAM SKALLY | Market Update
It's A Tale of Two Markets
In other words…
The median sold price on the Eastside has gone up in each of the last 3 months, +8.6% since December with no signs of slowing down. New listings are down 25% over last year, resulting in just 1 month of housing inventory on the market. There is also a significant number of homes 30+ days on the market. These homes are clearly not in "parade-ready" condition and/or are overpriced. That's why we're calling this a "Tale of Two Markets"... homes that are prepared, staged, marketed, and priced right are selling fast and those that are not, well...they're sitting with little to no activity and will sell for less the longer they sit.
Even though it's technically a Seller's Market, buyers should consider acting now to avoid forecasted price appreciation due to continued low inventory and expected lower interest rates as a result of improved inflation results. Prices are still down over last year's peak, but these price levels will likely not last long. Over the last 81 years, home values have gone up in 73 of them, gone down in 7, and held flat in 1 year. Buying your dream home is the surest way to love where you live and experience the American Dream!
Curious what your home is worth or how the market is in your neighborhood?
DM us for our complimentary consultation & personalized report!
Cheers!
Matt & Christina
Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Mercer Island, Renton and Issaquah. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award finalists for best client service and regularly featured in online and print publications including Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and Leo, the Goldendoodle, as well as volunteering in the community.