December 2024 Market Insights December 2024: December 2024 brought a quiet close to the year in the housing market, driven by two main factors: rising mortgage rates and typical seasonal slowdowns. Despite the Federal Reserve Bank implementing three interest rate cuts in 2024, mortgage rates rose to just above 7%, their highest level in six […]

November 2024 Market Insights November 2024: Election years often bring short-term uncertainty, which can temporarily slow the market. However, long-term trends remain resilient. Home prices historically continue to rise year over year, regardless of political shifts. For buyers and sellers, focusing on personal financial readiness and individual needs is far more productive than trying to […]

October 2024 Market Insights October 2024: Our local real estate market is showing signs of balance. The average home price has increased by 12% from last year. However, prices have remained relatively stable in recent months, averaging around $800,000. Homes take about 36 days to sell on average. Sales prices vary, with some listings selling […]

September 2024 Market Insights September 2024: The latest NWMLS data shows home sellers in Western Washington are adjusting expectations, with list prices down from peak levels in all but one market. As a result, sale price growth is also slowing, although prices remain up year-over-year. The Federal Reserve’s decision to lower interest rates in September […]

August 2024 Market Insights August 2024:  Mortgage rates have begun to moderate, dropping to 6.35% for 30-year terms at the end of August, down from this year’s high of 7.52% at the end of April. The market is shifting toward a more balanced market, with increased supply coming onto the market. The number of homes […]

July 2024 Market Insights July 2024:  The continued incremental decline in interest rates and increase in available listings for sale have continued to fuel market activity. Economists are indicating a further decline in interest rates driven by the Federal Reserve in September and into 2025, which could further stimulate the market. The market did experience […]

June 2024 Market Insights June 2024: Active listings have shown consistent month-over-month increases, with pending and sold transactions following typical seasonal trends. Over the last two months, there has been a notable influx of new listings, resulting in a significant rise in market inventory compared to previous periods. This abundance of options is especially beneficial […]

May 2024 Market Insights May 2024: The recent increase in listings, the highest in over 1.5 years, is a positive sign for the real estate market, particularly during the spring selling season. This influx has pushed active inventory into the triple digits. Additionally, the market has seen the most sold listings since last August, further […]

April 2024 Market Insights April 2024: “Although home sales are at a 30-year low as buyers face higher borrowing costs and stubbornly low inventory, housing options on the market are beginning to increase.” according to Lawrence Yun, NAR’s chief economist.  That is clearly evident in our markets as inventories climb above 100 properties for the […]

March 2024 Market Insights March 2024:  We are starting to see an up-tick of activity in the market, with more new properties being listed than we’ve seen since last spring.  While we are still in a seller’s market, we are seeing more activity than at the same time last year.  Pending sales in the month […]