Where is the Puget Sound market heading? Today I’ll explain how conditions are changing in our area and what it means for you!
Right now, there is a tiny bit less urgency for buyers in our market. They have a little more time to take a good look at homes before making a quick decision. Inventory isn’t moving as swiftly as it once was, showing that our market has finally cooled off a bit. “Now is a wonderful time to be a seller!” In March, we had an inventory of 1.3 months’ supply. This means that if no other homes were listed, in just over a month all available homes would be sold. When the market was that hot, buyers had to scramble and act quickly if they were going to get the right house. Since then, inventory has built slowly to where we are now, at 1.8 months’ supply. Although it doesn’t seem like much difference, it does allow our buyers to put their best foot forward after thinking about it for more than 5 minutes.
For sellers, we’re still getting full-priced offers in competitive situations. However, the offers aren’t coming in quite as quickly as they were earlier this summer. Nonetheless, homes are selling quickly and for top dollar, so now is a great time to sell!
If you have any questions about how you can make this market work for you, don’t hesitate- reach out to me. I would love to hear from you!