June Market Update
Monthly market updates provide an informative snapshot of current real estate trends, aimed at keeping my clients informed and empowered in their real estate decisions. The following data is sourced from the NWMLS.
Interest Rates
Interest rates for a 30-year fixed mortgage are sitting just above 7%, squeezing the buying power of consumers and potentially slowing down some buyer activity. Despite this, the market remains robust due to strong demand and limited supply. While the high rates haven't fully dampened the market spirit, they are making affordability a key issue, especially for first-time buyers. Many buyers and sellers are adjusting to these higher rates as home prices continue to increase in the greater Seattle area.
7%
average for 30-year fixed mortgage
Inventory
At the current rate of sales, it would take less than two months to sell every home that is active in King (1.94) and Snohomish (1.37) Counties, indicating a strong seller’s market. A balanced real estate market is considered to have 4-6 months worth of inventory.
As anticipated during the summer months, there was an increase in inventory. Last month, 2,685 new properties were listed for sale in King County. 1,353 new properties came on the market in Snohomish County.
Median Sale Price
Median sale price in King and Snohomish Counties has increased over 5% in the last year, driven by strong demand and limited supply of housing.
As interest rates continue to decline and more buyers join the market in search of a home, prices will continue to rise.
Days on Market
On average, homes in King and Snohomish Counties sold in 17 days. Over 55% of homes are selling in less than 30 days in our local housing market, reflecting surging demand.
Summary
In conclusion, our local housing market continues to be a complex landscape shaped by high demand, limited supply, and increasing prices.
Those who are looking to buy or sell in the greater Seattle area must prepare for continued competition and fast-paced transactions. Buyers should get their financing in order early and be ready to act quickly. Sellers can benefit from the market’s vigor, but they should stay aware of market shifts as interest rates impact buyer enthusiasm.