Scott Real Estate, noted that fewer resale listings are making it to the market. Lennox Scott, the company executive officer at John L. A comparison with January shows prices are up 9.3%. In King County, which accounted for 35% of last month's closed sales, the median price of $790,244 fell 10.2% from the year-earlier price of $880,000. However, the report also shows year-over-year drops in new listings, pending sales, and closed sales, an increase in total active listings, and lower prices. As summer approaches, Frank Leach, vice chairperson of the MLS board of directors, expects to see increased activity, with inventory being snapped up as it comes onto the market and savvy buyers taking advantage of softening interest rates. The report states that the current Seattle housing market is excellent, despite limited inventory, with about 1.5 months of supply overall. However, with a limited inventory of homes for sale, well-priced homes continue to receive multiple offers. According to a recent report by the Northwest Multiple Listing Service, published on May 4, 2023, the market dynamics are influencing adjustments in housing prices. The Seattle housing market has been showing interesting trends for the last few months. In this blog post, we will analyze the current state of the Seattle housing market with a focus on King County, one of the hottest areas for real estate in the region. However, like many other real estate markets across the country, Seattle's housing market has been impacted by the rising mortgage rates leading to a cooling-off trend. With a booming tech industry and a growing population, the city has experienced significant growth in its real estate sector, making it a hot spot for both homebuyers and investors. The Seattle housing market has been one of the most dynamic and competitive markets in the United States in recent years.
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