Navigating the current real estate trends in the Puget Sound region.
Hey there. Sandy with Sandy and Company, and we are talking about our winter market here in December and January. It is wet and it is gray. The sun is not shining. Welcome to western Washington. But you know what? Real estate is still happening. The numbers are a little bit smaller than even traditionally, and they are smaller than in the last few months. Let me give you a quick snapshot of our Puget Sound, Snohomish, and King County real estate markets.
In Snohomish County, the median price in September was $699,950, but in November, it dropped to $678,500, a decline of about $20,000. And yes, we’re feeling it. So people are changing their price points because the interest rates are changing their payments. That’s just the reality.
In King County, we went from $775,000 in September to median price in November, $795,000. So again, that was a $20,000, but it actually went up. And so we are seeing that, hey, I’m going to make the push if the prices are changing, I’m still going to get the house that I’m looking for and maybe get a little bit more inside of it. So couple of changes there between counties.
As far as the numbers of people, and this is where we’re really feeling the change, in October, Snohomish County had 776 closed sales, so 776 people said yes to the house. And in King County, 1,892 people said yes to the house. Bringing that to November, that dropped to 663 in Snohomish County and 1,652 in King County. So it’s getting quiet. Now, normally we have a little bit of a push before Christmas. We have people saying they want to get into the new year, but we can see where that activity’s coming, because they said yes in November, and they’re closing in December.
“Our buyers are saying that they are taking a break.”
So what happened last month in November? Snohomish County had 492 people say yes. That’s a lot smaller. And King County had 1,040 people say yes to the house. So that’s 800, almost 900 people less when normally we have a bump. So those were pendings in November. That will tell us what our December sales will bring.
So what does this all say? Once again, people are not buying and selling real estate in December and January and November because it is warm and sunny, and it’s fun to go look at pretty houses. It’s because they got to make a move. And that’s entirely how our market works.
So if you do need to make a move or if you want to get a jumpstart on the market that will spring up in spring because it always does at least a little bit, then now is the time to get that jumpstart because would you like to compete with 492 people or with 776? Or would you like to compete with 1,040 people or with 1,892?
Our buyers are saying that they are taking a break. And what do you need to do to maximize this time for you? If you need winter real estate help, we are here. Sandy and Company. I’ve been here for 20 years, coming up on 21, and I’m not going anywhere now.
Have a super blessed day, stay safe and healthy, and call me about your real estate needs. I’m excited to help you today. Our motto is ‘making lives better.’ How can we help you with yours?
