September 2023 Market Recap:
Heading into the fall, we observed a declining trend in transaction activity and modest growth in median prices. Compared to the same month last year, there's a significant -20% decrease in active property listings, and the majority of the counties witnessed a decline, an average -24% in home sales. While some counties saw an increase in median home prices, the high-interest rate environment is impacting purchasing power, potentially leading to a continued decline in transaction volume. Despite the challenges posed by rising mortgage rates, the demand for listings remains strong, giving sellers reason to be optimistic about their options in the coming year.
Looking ahead, experts predict that a combination of low inventories and pent-up demand will likely continue to exert upward pressure on home prices, with a potential 5% increase expected by the following September. This suggests the possibility of a more balanced market emerging in the near to mid-term.
Below is a graph comparing the total Active Listings (Residential & Condo) compared to last year. It shows that there is a -20% decline from the amount of listings compared to September 2022.
September 2023 Residential & Condo Market Snapshot
for King, Snohomish, & Pierce County
