2023 Second Quarter Market Reports
MARKET TRENDS FROM AROUND THE SOUND
Q2-2023 Market Trends reveal parties adjust to the new normal mortgage rates and more cautious buyers
As we move into Q2-2023, the Western Washington real estate market maintains its cooler trend, continuing from the first quarter of this year. The market's present state is notably different from the unprecedented surge witnessed in early 2022, as inflation and rising interest rates continue to exert a moderating influence. In contrast to the past frenzy, the current real estate environment has transitioned into a more stable phase. The intensity of competition has decreased, and buyers are approaching the market with a more measured and cautious mindset. This shift has created a seller's market, where buyers are taking additional time to deliberate their decisions carefully.
Navigating such a dynamic landscape can be challenging, but having a trusted Realogics Sotheby's International Realty broker by your side is essential to ensure you receive the utmost expertise and guidance. As an experienced real estate broker, I possess in-depth knowledge of the current market conditions and can provide valuable insights that lead to optimal outcomes in today's real estate market.
Seattle | Single-Family Homes
Seattle’s single-family residence market saw an overall decline in price, demand, and listings. Still, none of these declines were significantly concerning, especially considering the overall state of the region’s and nation’s market compared to last year’s second quarter.
Bainbridge Island | Single-Family Homes
Although the average months of inventory did increase from the low 0.9 months of Q2-2022 to 1.5 months in Q2-2023, this average still signifies a seller’s market. This further indicates that the slower market pace we saw towards the latter half of 2022 and continuing throughout this year has had an effect, but still has not turned buyers away from their Bainbridge Island home searches.
King County | Single-Family Homes
On average, homes were on the market almost three times longer than in Q2-2022. While the home inventory and price per square foot decreased since this time last year, it remains a seller’s market with months of inventory at 1.3, the same as 2022.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island) Although fewer sellers and buyers entered the market, those that did decide to proceed with their real estate goals sold and purchased at similar price points to last year. The median sales price for Q2-2023 was down 4.6% to $525,000 and the average price per square foot was down 6.5% to $283.
Eastside | Single-Family Homes
Inventory sat on the market significantly longer at an average of 21 days in contrast to Q2-2022’s average of seven days, with the number of homes sold down 32% year over year, further indicating the dip in demand.
Mercer Island | Single-Family Homes
Demand for this coveted Eastside location is constant, although buyers are considering their home-purchasing decisions for over four times as long as last year; homes were on the market in Q2-2023 for an average of 31 days versus seven days during Q2-2022.
Whether you're buying or selling, I am dedicated to assisting you through every step of the process. I understand the nuances of the Seattle area market and can help you make informed decisions that align with your unique goals. With our personalized approach and extensive global network, we are committed to delivering exceptional service and results for our clients.
If you're looking to navigate the Western Washington real estate market with confidence and success, partner with Realogics Sotheby's International Realty today and experience the difference of having a trusted advisor.