November’s statistics reflect our usual seasonal slowdown, magnified a bit on the Eastside due to widespread power outages. Despite this, the median price of an Eastside Single Family Residence (SFR) decreased only slightly, demonstrating that demand still exceeds supply. Market times lengthened and more homes experienced a price adjustment before selling, underscoring the importance of pricing a home based on current market conditions, not just past sales.
Somewhat surprisingly, the Eastside condo market experienced a 7% drop to the median price in November. This could be an anomaly or a reflection of the downward pressure on older condominium values due to challenges financing them. Interest rates are also more impactful at lower price points, so the ~half percent increase in interest rates last month may also be a factor.
Seattle’s SFR and condo markets experienced a slight decrease in their median prices. Market times and price adjustments also increased. Seattle condos remain a buyer’s market, but pricing has not dropped as much as might be expected, perhaps because the number of new units is dampening the problematic financing effect we are seeing for older complexes.
Our real estate market typically continues to slow in December due to the holidays, making it a good time to buy, despite lower inventory. The best time to list is usually late winter/early Spring (mid-January – mid-April) and I am counseling my sellers to be on the early side of that to optimize their outcome. Based on conversations with my clients and colleagues, I expect the first quarter of 2025 to be busy, with more options for buyers and pent-up demand for sellers. If you have any questions about our market or your home’s value, I’m just a phone call, text or email away.
Wishing each and every one of you a wonderful holiday, full of everything that brings you joy!
