The median price for residential homes and condos was up by almost 15% and Months of Inventory has gone down to 0.61, which is a decrease of over 19% from last year. To provide some context, there was a time not long ago that anything less than 6 months of inventory was considered a Seller’s Market and anything under 3 months of inventory was considered extremely low. We are now in uncharted territory with how low the inventory has become.
Prices increasing and the time it takes for homes to go under contract has decreased. This isn’t exactly ground breaking new info – BUT the rate at which home prices are going up and the rate they’re selling is staggering!
Relief could be on the way for home buyers. Personally, we have seen bidding wars become a bit less frequent as 2022 has progressed. As interest rates continue to rise and inventory rises accordingly, we are hoping the scale is going to start to tip back in the other direction so we can move towards a more balanced market which has not been seen in this area for quite some time.
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We are a husband and wife team who help our clients achieve their goals buying and selling real estate in the Puget Sound region. We are native Washingtonians and have a strong roots in the area. We love where we live and try to get outside to take advantage of everything the Northwest has to offer as often as we can.
We pride ourselves on being a one-stop-shop for industry & market knowledge, cutting edge trends in technology and proven sales experience to get the job done. We understand the importance of communication in this business and go the extra mile to ensure our clients are always up to speed and in the know. We are excited to work with you and help you win in real estate!
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