Breaking Down the Numbers | Snohomish County March 2024
These data points tell part of the story of the residential housing market, but there are interesting points behind the numbers.
While the days on market look "long" at 21 days, that figure is actually down 47.1% from March 2023.
For the last 12+ months, homes have sold close to list price. Now we are beginning to see prices edge up, a bit over asking. This signals the possibility of multiple offers and a more competitive market. Never fear, Buyers are still finding some room to negotiate.
And, great news for sellers - home prices year-over-year show an appreciation of 4.8% on average. Not such happy news for home buyers, still facing "higher" interest rates, compounded with these rising home prices.
Bottom line: The Snohomish County housing market is still very active, and homes (on average) are holding and gaining in value.
Breaking Down the Numbers | Spokane-Area March 2024
Data tells a story, but as you probably know - there is always more than meets the eye.
While the median days on market (DOM) look "short" at 9 days, that figure is actually up 28.6% March 2023. Yes - trending a bit longer! There is a pretty wide variation of DOM. Ask me about specific neighorhoods or price ranges - the time on market is not the same across all.
Homes are selling for close to list price (99.7%), yet buyers are finding some room to negotiate and sometimes bringing homes in just a bit under list price or winning some seller concessions.
Defying the hopes or predictions of a crash in home values, home prices year-over-year show a slight gain of 5.2%.
Bottom line: The Spokane-area housing market is still very active, and homes (on average) are holding their value. Our inventory is still down from pre-pandemic numbers, yet we are slowly gaining some steam and inventory.
Spokane Market Observations - Q1 2023
In the Spokane market, we are down year-over-year in number of closed transactions and sold prices.
Yet it is notable, during Q1 of 2023, we saw new listings down 2.4% (not shown on this chart). The market is slower, but we are not suffering as much from highly constricted inventory as Snohomish County for example (stats above).
Snohomish County Market Observations - Q1 2023
There have been some changes comparing Q1 this year to last.
Part of the data story not shown on this summary is that new listings are down 34.2% compared to the first quarter of 2022. That "shortage" trickles through, one of the factors impacting the number of closed transactions.
Snohomish County Market Observations
You know well, we are seeing a bit of shifting in the market in Snohomish County, like the Spokane area. Looking at both sets of stats - you can see that the markets are almost like echoes. And, of course, each neighborhood can vary from another with-in the larger market.
My role with clients is to educate and paint the big picture with data, stories, and solid listening.
This market shift means different things depending on your role. Are you a buyer? Are you a seller? Let's chat - I'll help you interpret what this market offers you if you considering buying or selling a home.
Spokane Market Observations
Like most of Western Washington, REALTORS working in Spokane and near-by areas are noticing less open house and tour traffic. That seems to result in a lower volume of offers for most appropriately-price homes.
However, buyers still active in the market are qualified, and still making solid offers to purchase listings. Days on market are approaching numbers we haven't seen in the last couple of years! The good news is, our market is trending more toward "balanced," where times are typically between 3 to 6 months. That sounds crazy - right? Our market has been SO CRAZY, FAST the last few years.
This trend is a wave of relief for home buyers. And, for home sellers, it is causing a bit of tension while we educate everyone on the dynamics of the current market + seasonal trends in residential home sales.
Want more - reach out to me. I'm happy to chat and share data.
