Median Price Comparison YOY

Curious how home prices are performing relative to last year? Interestingly, they are down in both King and Snohomish County, but trending up in Pierce County. 📈This may be due to affordability issues in King and Snohomish, which can push buyers into other surrounding areas. 🏡

Though median prices are down this year so far, we have to remember that inventory is also up. This spreads buyers out leading to less competition and fewer bidding wars.💰

Moral of the story here? 📕 Now is a great time to be a home buyer with more to choose from, less competition and slightly lower prices! 💲

40-Year Market Stats

If you've been following me for awhile, you know I'm a bit of a stat nerd! 🤩 Often when we look at market stats, we focus solely on the present to see how the market is performing, but what would happen if we looked back to the past to see how things have changed over time instead? 🗓️

As our MLS celebrates 40 years, we're having a fun look back at the past. ⏰ To the surprise of no one, median sales prices have jumped significantly over time. Interestingly though, our inventory numbers really haven't changed all that much. ⚖️ (Except for a handful of years when the market dipped in 2008.) These inventory numbers over time show us that the PNW has long been suffering from low inventory. While it may not have been as impactful 40 years ago, it certainly is today as more and more people make their way into the area and demand increases. 🏘️

This low inventory coupled with high demand, further increases sales prices. 📈 While I know rates aren't as exciting as they were two years ago, I'd still encourage a would be buyer to get into the market now, and these stats further prove the reasons why. Equity is strong and it could be yours to capitalize on one day too! 💰