Recent (NWMLS) Northwest Multiple Listing Service statistics are in for November 2022.
Inventory is up significantly from November 2021 – Snohomish County + 341% and King County + 286%. Reference Light Green bars above. SOLDs are down – Snohomish County -42% and King County -46%. Days on the market are up – Snohomish County (14 days/38 days) + 171%, and King County (14/36) + 158%.
SELLERS… Based on inventory levels and current consumption rates (Pended Sales), we are still in a Seller’s Market (Less than 4 month’s supply. A balanced market is 4mo to 6mo inventory).
Snohomish County = 2.1 months. King County = 2.4 months.
Considering the current rate of consumption and the average Listing Price to Sale Price ratios, both markets are still considered very healthy; Snohomish County = (103% Nov 21/94% Nov 22) -7% and King County (104% Nov 21 / 94% Nov 22) – 11%.
BUYERS…Based on the current inventory levels and less buyer demand (reference red line above, and SP/LP% above), this is an excellent time to be shopping selectively for your new home.
With fewer buyers to compete with right now, in general, you have the advantage of not having to sacrifice all of your protective contingencies such as financing, inspections, and even home-sale.
We are still seeing some exceptions with some homes selling in multiple offer scenarios. The advantage of buying now with less competition outweighs the temporary disposition of higher interest rates… which can be re-financed when rates come back down in 2023.
Being prepared in this shifting market is key. Day to day and week to week, we are seeing shifting market dynamics.
If you would like to have ALL of the advantages on your side (buyers + sellers), it is critically important to understand the market (real-time market statistics) and be educated on the current market speed and trends.
Call us today for a free consultation specific to your interest (buyer or seller), specific price range, and specific area. All markets right now are hyper localized. Experience and preparation will put all of the advantages on your side.
