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As we fully embrace the beautiful autumn season, full of new beginnings and fresh goals, the real estate market seems to be on a similar path of change and opportunity. The fall season tends to usher in a slower period for the real estate market, with more buyers and sellers winding down for the holiday season until the end of the year.
However, we’re still seeing movement in our market, with buyers taking advantage of lower mortgage rates — currently at 6.12% — and sellers continuing to list their homes, boosting inventory levels. Not to mention that the Federal Reserve made major headlines when they made the largest rate cut in four years — even more sizable than many experts predicted. All this movement has influenced the Puget Sound region’s market, and we’ll continue to see emerging trends through the end of the year, after the presidential election.
In Seattle, the average home price is $1.05 million (as of September), which is up 14.1% from the same time last year. We’re seeing price growth in this market, meaning that sellers who choose to list their homes could see an incredible return. Take advantage of the stunning fall foliage as you or your real estate advisor take eye-catching photography and video of your home, presenting it in its best light to sellers.
Plus, this is an excellent time to make repairs and value-boosting renovations before the rainy season fully sets in. The average days on market in Seattle is 39 days, which means that you could have your home sold well before the end of the year if you list soon. The large influx of new listings has created a neutral market with 3.9 months of supply, meaning that buyers can now make their home searches with ample choice.
In Bellevue, we’re seeing less inventory with 2.2 months of supply, creating more demand and a favorable position for sellers to list their properties. Homes are selling quicker in Bellevue than in the Seattle market at an average of 24 days, as of September. Some homes receive multiple offers soon after they’re listed, and others, particularly in the luxury segment, may take longer to find the right buyer.
Neda Perrina The year-over-year price growth of 18.2% should entice sellers. And there’s good news for everyone, as buyers can search for their homes with more options available within this market than buyers who looked for their home in September of 2023, with a 37.3% year-over-year increase in new listings. My expert advice? Get pre-approved now and look for negotiation opportunities on homes that have been on the market for a while.
Buyers, whether you’re interested in taking advantage of the market conditions now and turning your dreams into realities before we wrap up 2024 or you want to prepare so that you can hit the ground running in the new year, I’d advise you to get started today. Although no one knows with any certainty what will happen in the new year, historically, data shows that the spring market typically peaks with multiple offers and a faster pace.
Buyers that are not positioned to buy with cash or waive contingencies might have difficulty purchasing, so striking today, while there’s less competition, could be your solution. If you’re worrying over timing the market perfectly, focus instead on assessing whether you’re personally ready to make your move. If you are, then there is no time like the present.
As a Realogics Sotheby’s International Realty Global Real Estate Advisor with a robust network of connections throughout the market, I can guide you to the perfect property, including off-market opportunities. Let’s discuss your goals and how we can reach them together.
Connect with me at neda.perrina@rsir.com or 206.218.8589.