Market Trends: Q3-2023

When investing in real estate, we want our homes to appreciate. Amid high interest rates and a slow-growth economic picture, ensuring your investment is wise is more important than ever. Each quarter, Realogics Sotheby’s International Realty looks back at key indicators of the real estate market across several communities and counties so that you can make an informed decision about the next step in your real estate journey. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell.

In general, we are seeing less inventory in two categories. The first category is properties in great condition, staged, priced, and marketed well, which generally go very quickly and often for more than their listing price. The other category is properties that may need maintenance or updates, that aren’t staged or photographed well and are not strategically priced. The properties that fall into this category tend to sit on the market and will eventually need price reductions and further market time to sell.

At The Jones Group, we specialize in consulting with sellers on what needs to be done prior to listing to ensure the property sells quickly and for as much as possible. Strategy is everything! For buyers, this is an amazing market for a smart and strategic buyer. The current interest rate is a short-term commitment, but getting a property at a discount is the name of the game for a buyer who’s willing to clean up a Cinderella house! Even for buyers who want a turn-key house, getting the perfect place now, while most buyers are on the sidelines, means less competition during your search. As soon as rates come down, our market will be flooded with buyers, which will drive up prices even more, so be ahead of the curve and put your real estate plans into action today.

Explore RSIR’s quarterly reports, and when you’re ready to have a conversation, contact me so we can achieve your real estate goals together.

Seattle | Single-Family Homes

There’s two months of inventory on the market right now—a seller’s market, but more inventory than the city has experienced in quite some time. For buyers, this is an opportunity.  

Seattle | Condominiums

The median sales price of a Seattle condominium is up over 12% year over year, but sellers should have patience, and they can expect their offering to sit on the market for potentially over a month.

Eastside | Single-Family Homes

Year-over-year, the average price per square foot ticked up, but by less than a percentage point. Likewise, the median sales price also saw gains, but by less than 5%. Overall, the Eastside market appears has found the middle ground between fast and over-list sales during the pandemic and the knee-jerk pullback halfway through 2022.

PIERCE COUNTY | Single-Family Homes

With market experts predicting that a drop in mortgage rates will spur action by buyers ready to enter the market, the time to find a home, with less competition, may be now.

KING COUNTY | Single-Family Homes

The average days on market ticked up from 21 days this time last year to 23 days in the third quarter of 2023. King County, as a whole, is also decidedly still a seller’s market, with just 1.6 months of inventory.