Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my November 2023 Market Update!
As 2023 winds down, the market activity trends are looking fairly predictable for our market. As noted in past vlogs and newsletters, despite the high interest rates and other uncertainties, prices have held fairly steady over the last few months.
Now, I want to note that while I’ll be showing charts with data that was compiled from the past few years, I want you to focus not so much on year-over-year comparisons, but rather on the data from the past few months. You’ve heard me say this before, that 2023 had been a very atypical year, so year-over-year comparisons may not be as meaningful.
In past vlogs I usually showed you data from King County, and then told you how the trends that we see in the data for King County also held true for Pierce and Snohomish Counties, and I’m sure for other counties in Washington State, particularly counties in Western Washington.
So I thought that this month I’ll actually show you the data for all three counties, so that you can see for yourself how they compare.
I’m going to show you three graphs, each comparing data for single family homes in King, Pierce, and Snohomish counties in one of three categories:
Median Sales Prices
And again, when you look at these three graphs, remember to focus not just on the year-over-year trends, but also on how specifically the trends look for just the past few months. So to make that easier, I highlighted the period between April and October of this year in each graph.
Okay, let’s get started!
The first graph illustrates the median sales prices for single family homes, showing a consistent pattern across the three counties. Despite variations, market prices in each county have remained mostly steady over the past few months.
The second graph focuses on the number of new listings. Remember – 2023 had been a very odd year, with much slower activity than previous years. And you can clearly see this in the graph, with the overall number of new listings being much smaller than in past years, across the three counties. While there is a decline since the peak in the spring of this year, it nevertheless aligns with the typical seasonal trend.
The third and last graph represents closed sales. And again, you can clearly see the significantly slower market activity this year, compared to past years. However, unlike past years, where the market activity would drop significantly compared to the spring of that year, in 2023 we see that the market activity, albeit slower, is pretty steady. The point here is that there are still plenty of buyers out there who are eager to find a good home.
By the way, if you want to look at all this information and read my report at your pace and leisure, you’ll find all this information in my November newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter.
The takeaway from all of this is pretty simple – a steady market means steady activity for those wishing to sell, especially due to the persistent low inventory, and despite the high interest rates and other market uncertainties.
If you know someone who is looking to sell or buy, don't hesitate to refer them to our team. Even if they’re not yet sure about their timeline, we love to educate our clients so that by the time that they are ready, they can proceed with greater confidence. Please share this vlog and our newsletter – hardcopy or online at weisbarth.com/newsletter.
And here's a little reminder – a good portion of our income goes to support the kids at Childhaven. So your referrals and your business help those kids in need.
I’m proud to report that Weisbarth and Associates was the key supporter of the Childhaven annual gala that was held last month at the Hyatt hotel in Bellevue. Our team brough 42 guests – incredible – and combined we raised over $40,000 for this amazing organization. Thank you all for your ongoing support!
It's easy to refer your friends, family and colleagues to us by email, or on my website and weisbarth.com/refer. The best way is to just connect us by phone. My number is 206-779-9808, and I’m always happy to speak with people.
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Thanks for tuning in to this November market update. I'm Doron Weisbarth with Weisbarth & Associates. See you next month!