My View of the Market – October 2023

There’s no denying home sales/transactions in the Northwest are down from a year ago. Inventory remains doggedly low. So, while prices year-over-year remain lower, they are up 4% year to date. In most cases, we still have more buyers than sellers. For seller’s this remains a good thing. Days on market for the majority of homes is still under 30 days. Nearly 60% of homes were sold at or above asking.

The luxury market is an outlier. There actually seems to be expanded inventory in this space. That’s not to say homes aren’t selling quickly, you just have to be smart about it. Homes priced between $1.5-2M are selling quickly if they are updated and move-in ready.

There is more demand for homes below $1.5M. These homes have been selling as fast as they can get on the market.

Bottom line. Interest rates and inventory will continue to dominate the headlines for the next few months. I’m always an optimist, so I see a robust early spring market in 2024. If you’re looking to buy or sell in the next 6 months, now is the time to make a plan.