Delving Into Q3 Market Trends
During a year where the real estate market weathered challenges caused by high-interest rates, inflation, and international events affecting the US and the world, we’ve seen a market that has been affected but not devastated. Although the market has not returned to the bidding wars and intense buyer activity of 2021, it’s managed to come through many obstacles, proving that the Puget Sound region remains one of the most desirable areas of the country to purchase property.
As we move further into the last quarter of the year and prepare to begin the next one, we’re looking at how the market performed in Q3-2023 compared to Q3-2022, getting a better idea of where the market stands compared to last year’s numbers. Realogics Sotheby’s International Realty has broken down the data and provided in-depth analysis for the communities and counties of the Puget Sound region. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell. If you’re planning on making a real estate move or just looking for an informative breakdown of where the market stands, dive into these reports. Please reach out to me if you’d like to discuss the findings and find out how we can best utilize the market conditions to achieve your real estate goals.
Seattle | Single-Family Homes
There are two months of inventory on the market right now—a seller’s market, but more inventory than the city has experienced in quite some time. For buyers, this is an opportunity.
Eastside | Single-Family Homes
Year-over-year, the average price per square foot ticked up, but by less than a percentage point. Likewise, the median sales price also saw gains, but by less than 5%. Overall, the Eastside market appears to have found the middle ground between fast and over-list sales during the pandemic and the knee-jerk pullback halfway through 2022.
Mercer Island | Single-Family Homes
Only 1.3 months of inventory are available on the Island, compared to 2.1 months in Q3-2022. But patience will be essential for Mercer Island sellers, as the average days on market have ticked up from 11 in 2021 to 18 in 2022 to 30 in 2023.
Bainbridge Island | Single-Family Homes
Is this a rare buyer opportunity? There are 2.1 months of inventory available, the most homes available on the island in quite some time. All while the median sales price is down year over year.
Seattle | Condominiums
The median sales price of a Seattle condominium is up over 12% year over year, but sellers should have patience, and they can expect their offering to sit on the market for potentially over a month.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island)
The market has comparatively slowed in contrast to the rush during the pandemic. Still, it was a seller’s market then, and it’s a seller’s market now, with slower appreciation, a few more days on the market, and slightly more inventory.
King County | Single-Family Homes
The average days on market ticked up from 21 days this time last year to 23 days in the third quarter of 2023. King County, as a whole, is also decidedly still a seller’s market, with just 1.6 months of inventory.
Pierce County | Single-Family Homes
With market experts predicting that a drop in mortgage rates will spur action by buyers ready to enter the market, the time to find a home, with less competition, may be now.
Snohomish County | Single-Family Homes
With 40% fewer homes for sale and an overall drop of over 16% in homes sold, the average number of days a home spends on the market also dropped to 21 from 22 since last year.
Skagit County | Single-Family Homes
Homes for sale in Skagit County are down by nearly 24%, while the number of homes sold compared to this time last year is also down by almost 22%.
Island County | Single-Family Homes
For home sellers, the gains of 5% in the average price per square foot and the increase in the median sales price of 14% year over year are good news in the appreciation of their island abodes.
Whatcom County | Single-Family Homes
Buyers seem hesitant to take on the market in full force: the number of homes sold fell by 17.5%, and the number of homes offered for sale also fell by 16%.