📢 MARKET UPDATE - November 2022 🚨 (Greater Seattle Area)

[Aaron Morrow]

Shift in Market Brings Some Relief to Buyers 🏡 Check out our update for November!

A more traditional fall market is providing some relief to buyers, as active listings have nearly doubled from a year ago.



While inflation and volatile mortgage rates still make purchasing a challenge, the increase in inventory paired with the slowdown in price increases give buyers a leg up as they seek to secure homes before winter.

Pending sales (mutually accepted offers) of single family homes have dropped 31% from this time last year and condo sales fell nearly 35%.

This follows what we expect out of a normal fall market, which brings a natural slowdown of pending sales.

Although we have experienced a large adjustment in the housing market from the spring, sales activity is still strong in the more affordable, mid-range price points.

For sellers, competitive pricing is important. With buyers having more homes to choose from, pricing your home properly will give you an edge. With there being uncertainty about the direction of mortgage rates, many buyers are hesitant.

Sellers need to price their home based on what is happening in their local market now and not based on what could have been at the beginning of the year.