🌟 Greater Seattle Area Market Update - December 2023 🌟

[Aaron Morrow]

🌟 Market Update - December 2023 🌟

Welcome to your December Market Update! Let's dive into the latest real estate trends:

Interest Rate Overview:

Current Rate: 7.2% - a slight dip from October's 7.8%.

Impact: Encouraging for potential buyers who were hesitant.

Home Prices on the Rise:

November 2023: Saw a 4.6% increase from last year.

Driving Factors: Lower inventory levels.

Sales Activity:

Closed Sales: Dipped by 16% from 2022 but saw improvement since October.

Inventory Challenges:

Active Listings: Dropped by 17% compared to November 2022.

Cause and Effect: High interest rates mean fewer transactions and shrinking inventory.

📊 Snapshot Summary:

Interest Rates: Down to 7.2% from 7.8%.

Home Prices: Up by 4.6% year-over-year.

Sales: Decreased by 16% from last year.

Inventory: 17% less than November 2022.

What This Means for You:

Whether you're buying, selling, or just watching the market, these trends indicate a competitive landscape with pricing pressures. It's a good time for buyers with the dip in interest rates, but the low inventory could pose challenges.

Take a look at the Data below for King, Pierce, and Snohomish counties!