Team Skally | Market Update
While listings increased 17% over last year, persistent demand outpaced inventory. There was just 1.1 months of inventory on average throughout 2024, down 14% versus last year. The lack of inventory and moderating interest rates led to the median sold price on the Eastside being up to $1.59M or +12% vs. last year.
Despite the continuation of the seller’s market, we found extraordinary values for our buyer clients. With patience and persistence we took advantage of the seasonal shifts, we seized opportunities due to the seller’s lack of listing home preparation and presentation, and we struck on a great home that sat on the market too long simply because the seller outpriced the market. As we often say, listed homes are like produce in the grocery store...they don’t get better with age!
What can we expect for 2025? Stay tuned for our next report, but we’ll give you a hint for now...homes sales went up in the year following 9 of the last 11 Presidential elections.
Wishing you and yours a joyful holiday season!
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 winners for best client service, Nextdoor’s Neighborhood Faves 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 two Goldendoodles as well as volunteering in the community.