Team Skally | Market Update
Every year we experience seasonal cycles that influence the Real Estate Market. This is evidenced by the number of homes that sell above their list price. For example, this October 35% of homes sold above their list price while in April it was 60%!
Despite the seasonal slowdown, it remains a seller’s market. This is largely due to low inventory levels, there is currently just 1 month of supply in South Bellevue/Newcastle. As a result, the median sold price in October was $1.65M, up 21% over last year!
Can you imagine what’ll happen when interest rates decline? Speaking of that, both the Mortgage Banker’s Association and Fannie Mae just forecasted rates to be under 6% in 2025. Stay tuned for our 2025 predictions coming soon...
Wishing you and yours a Happy Thanksgiving,
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.