February 2023 Market Stats with John Barker
The most asked question from all of my clients, open house attendees, family, the waiter at Sammamish Café and the world in general is “What is going on in the Real Estate Market?” It is at the top of everyone’s news feed and the lead story on the news. I don’t claim to be a prognosticator of the market-but I have learned over the past 35 years in this business to look at the actual numbers.
Compass publishes monthly statistics, compiled and organized to clearly see what is going on right now with our market. I like to look at Snohomish, Pierce and King counties with a deeper dive into Seattle and The Eastside. Those are the numbers that are most valuable to my clients. Here is a recap of what these reports illustrate and my interpretation of what is going on and what that means for a home buyer or seller.
In February the number of days on the market tripled compared to 2022. While the number of homes on the market increased from just a couple of weeks to a couple of month’s supply, fortunately numbers remain low which should maintain upward pressure or at the least stability in the way of home values going forward.
The actual number of closings declined almost 20% year over year, a nominal decline considering the downward pressure on the economy. I think this a reflection of seasonal demand, and the slight dip in mortgage interest rates the occurred prior to this period, not an ongoing trend towards a resurgence of 2022 market activity.
Homes that are selling possess the following characteristics:
· They are competitively priced in comparison with the competition and reflect the decline in values since the 2022 market peak.
· They have a Bristol appearance when viewed online and in person.
· They are pre-inspected and in sound condition before going on the market.
If you are considering selling, market activity is typically stronger in the first half rather than the second of any year. With almost half of this period behind us for 2023, don’t delay until summer and beyond if you are thinking of selling.
If you are considering purchasing, many “experts” predicted when mortgage interest rates began their assent that they would begin declining by the second half of 2023. In the moment, it doesn’t appear this will materialize. With this in mind, I would not continue postponing a purchasing if circumstances suit your individual needs. The best time to buy or sell is always when it is best for you.
Do you have specific questions about your property or would like a CMA (Comparative Market Analysis) to help your decision making process? Please reach out and ask your questions. As my clients know, I am a “no strings attached” kind of agent- when you want to work with me, you will look me up. I don’t harass or spam any of my contacts, and treat all of my clients in the same fashion that I like to be treated when I hire a professional.
John Barker 425.830.0241 john@johnbarker.net
