Median price for September is $490,000 which is where it has been since June.
Median prices have risen 11.4% year to date so prices are still rising but not as fast as in April which was 13.1%.
Average days on market is 21 days up from 17 days in April.
Inventory for September was at 2.2 months or 2,165 homes which is up from 0.9 months of inventory in April of this year.
These stats are similar for King and Pierce counties with the exception of median price:
King County median price is $695,000 up 10.9% year to date.
Pierce County median price is $348,000 up 14.1% year to date. Pierce county HOT and a great investment right now!
What does this all mean?
The market simply cannot support the ultra fast increase in prices forever.
The simple effect of supply and demand is clearly at work here. With inventory doubling there are more houses to buy which will drive pricing down or at the stage we are in now at least slow the rise of price increases as is indicated in the MLS stats.
What are my two biggest takeaways?
1. It is still a good time to sell. There are still more buyers than sellers but it is now critical that you hire a professional Realtor that knows how to market your house to get the most money. Your house needs to look great inside and out and we do that for ALL of our listings including FREE STAGING! This is no joke. Staging can cost you, Mr. and Mrs. Seller, from $1500-$2500 per month. You also need a strong negotiator that knows how help you evaluate each offer. Sometimes the highest price offer is not the best offer. And lastly, it's also critical to price right! We have a proven strategy for this stage the market is in that will attract buyers to your home.
2. It's a better time to buy! The current market still heavily favors sellers but they are losing ground. We are seeing the length of time it takes to sell your home go up and more price reductions. We are not seeing as many bidding wars either. So if you gave up earlier in the year because it was so difficult to win, now is a good time to jump back in. I am even seeing sellers help buyers with closing costs!
Got questions? We have answers!
Reach out to me or Shelly and we can get you stats for your city or even your neighborhood.
And we are always happy to work up a comparative market analysis with our professional opinion of the current value of your home. You might be surprised!
Author:John Franklin Phone: 425-320-6684 Dated: October 12th 2018 Views: 141 About John: John brings a wealth of knowledge from the sales, construction and project management fields. We tre...
Shelly Valentine and John Franklin are both full time Realtors with Valentine Home Sales Team, affiliated with Keller Williams in Bothell, Washington. Shelly has over 25 years experience and John joined as a partner in 2016.
During Shelly's career, her main focus has always been making her clients happy. She has done this by constantly studying and becoming an expert in our field. Not only has she sold 100's of homes over the years, she also worked for the Seattle Street of Dreams, Starwood Development, Heller Co., builders and developers and even won the Master Builder's Association Marketing & Merchandising Excellence Award... twice! She was successful even during the real estate recession and more and more people trust Shelly to help them sell or buy a home year after year. It is her focus to consistently bring the highest level of service and knowledge to all her clients. >
John brings a wealth of knowledge from the sales, construction and project management fields. We treat each real estate transaction as a unique project that requires careful planning, milestone tracking and constant customer & vendor communication. John understands real estate transactions from beginning to end and provides our clients with a smooth and low stress experience.
At the end of the day it is Valentine Home Sales Team's goal to have happy customers that will do business with us again and fervently refer us to their friends, family and co-workers.
Hi Everyone,What's going on in the real estate market as of September
"…our house had multiple offers and sold in one day…
Valentine Home Sales Team helped us sell our old home and buy new. Considering this will likely be one of the most expensive transactions in your life and the high emotional stakes, it is imperative that you have someone on your side that knows what they're doing and you can trust. My wife and I consider ourselves very fortunate to have worked with Shelly. During the sale they provided excellent advise on various actions to take prior to listing our home to increase the overall appeal and avoid inspection issues. We followed their advice and our house had multiple offers and sold in one day for a fair price that ended up within 2% of where she originally estimated it would and our sale went very smooth. When selecting our new home, they were thorough in finding out what features we valued and used this information to show us homes that were inline with our wishes. Shelly has a good eye for details and would candidly point out features/issues with the homes we may not have considered. We ended up with a home that exceeded our expectations and Shelly did a great job negotiating on our behalf to get us a good price and concessions for inspection items. I wouldn't hesitate to recommend Valentine Real Estate to anybody looking to buy or sell a home.