According to a report by MyNorthwest.com, Seattle economist Matthew Gardner, the Chief Economist for Windermere Real Estate, sees a housing market that’s in transition as home prices start to drop while the number of home sales rises. He explains that right now, home prices are down year over year and up in King County but down modestly in Pierce and Snohomish.
Gardner suggests that looking at home prices year-over-year doesn’t tell the whole story. He recommends comparing this month to this month, rather than looking at it on an annual average. He also mentioned that there are certainly a lot more homes for sale than there have been in the last several years. The number of homes for sale is up almost 200% in Puget Sound. However, if you go back to the last pre-covid year when there were homes available for sale, they are actually still down by more than 30%.
This information is important for people to know because it can affect their decision-making when it comes to buying or selling a home. For example, if someone is considering selling their home, they may want to do so before prices drop further. On the other hand, if someone is considering buying a home, they may want to wait until prices drop further to get a better deal.
It’s also important to note that the housing market is influenced by many factors such as interest rates, employment rates, and overall economic conditions. These factors can change over time and can affect the housing market in different ways. Given the complexity of the housing market and the many factors that can influence it, it can be helpful to consult a Real Estate Agent near you when Buying or Selling a home. We hope this blog helps you understand the current state of the Seattle housing market.
For more information, check out the article by Bill Kaczaraba on MyNorthwest.com
