In October 2023, the real estate markets in King, Snohomish, and Pierce counties adhered to the typical cooling trend of the season, as reported by the Northwest Multiple Listing Service. Let's delve into the key statistics:
King County
- Median home price: $900,000
- Year-over-year price change: +2.86%
- Months of inventory: 2
Snohomish County
- Median home price: $749,900
- Year-over-year price change: +2.03%
- Months of inventory: 1.3
Pierce County
- Median home price: $535,000
- Year-over-year price change: -0.56%
- Months of inventory: 1.9
Months of inventory, which reflects the estimated time required to sell all available homes at the current sales pace, is a vital gauge. A lower number signifies a more competitive market, while a higher figure suggests market balance. The notable rise in months of inventory across all three counties hints at a market approaching equilibrium.
For Buyers: This shift signifies a more favorable environment, offering a broader selection of homes and potentially greater room for negotiation. However, it's essential to keep in mind that home prices remain relatively high, and inventory remains somewhat constrained. Thus, buyers should remain prepared to act promptly and present compelling offers. Navigating this evolving market effectively calls for professional guidance.
For Sellers: A cooling market implies heightened competition. Sellers should be mindful of pricing competitively, emphasizing their home's condition and presentation, and collaborating closely with experienced real estate professionals to optimize their selling prospects.
In this dynamic real estate landscape, both buyers and sellers are impacted differently, requiring adaptability and informed decision-making.
