August 2023 Market Report and Predictions
High rates, low inventory and multiple offers? What is going on in the market?
Here are some of the things we know so far about the market:
Rates are stubbornly higher than expected. At the moment, the figures are in the high 6’s or low 7’s
Inflation has been steadily dropping since June 2022. From 9%, we are now around 3%
Inventory remained steadily low and it is still dropping. In comparison to last year, it is down 25% locally
We are expecting an increase in the market around 3-8% this year
In summary, here are the key data points for the LOCAL Snohomish County Market:
💰 Average Sales Price
$853,092
📍New Listings
-39%
🏡Homes for Sale
-50%
⏰DOM
+33%
📅 Months Supply
DOWN 25%
Check out the latest Market Report in August where Mike shares the key data points that you need to know and how it impacts you as a buyer, seller, or just someone who wants to know what is happening in the market.