As you may have seen, there are indications that the activity in the real estate market for the greater Seattle area, is starting to heat up.
March saw an increase in numbers for New Listings, Pending Sales, and Closed Sales compared to February. This is somewhat expected as we enter the spring season, but we also saw a significant drop in the Median Days On Market too. In fact, the Median Days on Market slashed in half compared to February!!
Although the number of New Listings did increase, the number of homes come on to the market remains very low. Homeowners who have refinanced to historically low interest rates in the past couple of years, are now hesitant to make any changes or move, despite the potential equity.
With inventory levels remaining very low across the board, buyers are once again limited in choice. This means that when a desirable home does come on to the market, there are many potential buyers out there vying for it. In March we did see “Offer Review Dates” returning, as well as properties attracting multiple offers above list price.
It is too early to suggest that we are back to a “Seller’s Market” but these are all early signs of change coming. This will certainly be the case if the mortgage interest rates continue on their downward trajectory.
Last week we saw the mortgage interest rates drop to their lowest rate in 2023, and in general we are seeing a downward trend this year, despite some ups & downs. Should the interest rates continue to drop, as per the prediction of many within the industry, this is likely to trigger even more buyer activity as their affordability increases.
To read more about interest rates and the effects a calmer market could have on real estate:
Well, as always, it depends on your specific situation!!
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