Market Predictions for Fall 2019
Summer has come to an end and the Seattle market tends to move at a slower pace as temperatures drop. The housing market is complicated. Our goal is to make it less so. Whether you're buying, selling, or just curious about how the market is doing, these stats will help tell the real estate market story.
1. "The transition into the fall housing market creates opportunities for homebuyers"
The Northwest Multiple Listing Service (NWMLS) recently released their October statistics and is showing less than two months of home inventory in King County. Essentially, this means it would take just under two months to sell any given home in King County, a pattern that has been consistent in the area for some time. Real estate experts define a balanced market of having four to six months of inventory.
As fall moves into full swing, it’s predicted that while the intensity of sales activity is typically lower for new listings in the fall and winter, it appears we are headed toward a more intense winter market than last year. This, is coming from Northwest Multiple Listing Service brokers reporting year-over-year gains in pending sales, closed sales and prices
2. Home prices have stabilized, creating good opportunities for purchasers
September's housing market was a bit of a roller coaster, up in certain areas and down in others but buyers continue to be drawn to the region thanks to more affordable housing costs, new jobs, lifestyle changes, and very low interest rates - FHA mortgages with 3.5% down payments are very popular with first-time homebuyers.
In King County, prices were down nearly 2.7% while pending sales rose nearly 10% and this tells us there is no shortage of buyers in the Greater Seattle area. Putting the number into year-over-year perspective of single-family home prices, the price for single family homes and condos that sold last month in King County was $593,750, down from the year-ago figure of $610,000 and the first time it dipped below $600,000 since January 2019.
So, what’s next for our region?
Interest rates remain low and job growth in the Puget Sound is positive, all of which are signs of a healthy economy and strong real estate market. Analysts predict that September and October are going to be the best months to consider purchasing a home in terms of availability, selection and pricing. The Seattle-area is used to having a bustling market with multiple offers and large price increases, but this cool down period provides some relief to buyers, sellers and even brokers.