03/12/2024
Here's a glimpse into the current trends and predictions for the Seattle real estate market (as of March 2024):
๐ Balanced: The market leans slightly towards sellers, with a month's supply of inventory indicating strong competition.
๐ Price Moderation: While home prices are still up 1% year-over-year, the significant growth seen in previous years is expected to slow down. Experts predict a 1-3% increase in 2024.
๐ Inventory Fluctuation: Active listings have seen a slight increase compared to 2023, but remain relatively low overall.
๐ Fast Sales Pace: Homes are still selling quickly, often under 30 days in many areas.
Predicted Trends:
๐ Gradual Interest Rate Decrease: Mortgage rates, currently around 7%, might see a downward trend throughout the year, potentially improving affordability for buyers.
๐ Continued Seller's Market in the Short Term: With limited inventory, sellers might have an advantage, especially during the spring and summer months.
๐ Shifting Market Dynamics: The market may gradually transition towards a more balanced state in the long run, with both buyers and sellers having more negotiating power.
Overall:
The Seattle market is experiencing a period of adjustment compared to the rapid growth witnessed earlier. While affordability remains a concern, the market is expected to stabilize over time!
