Interest rates remained historically low for the month of November and 53% of the homes available for sale on Seattle's Eastside received a mutually accepted offer. On average, the median home price was $652,366 (10% above last year's median price of $592,041!) and the average days a home was available on the market was 57 days — a slight change from this Spring's 35 days.
While the real estate market may feel slower, it's only seasonal. The demand for homes in our area stays strong. The month of November was the best November since 2005 for pending home and condominium sales! Not surpringly, many buyers have complained that there is still not enough home inventory to choose from; the numbers prove their frustrations: home inventory is down 12% year over year.
December slowdown is expected as many buyers and sellers focus on the holidays and year end. As we move forward into the new year, interest rates should stay low to keep the buyers motivated. I've been busily viewing new developments on the Eastiside, including Bothell, Redmond, Sammamish and Issaquah, and with the release of several new construction communities, these homes will help alleviate some of the demand. If you are waiting for the Spring market but have the ability to act now, I would recommend it! Take advantage of this healthy, neutral market while it's still quiet from the holidays.
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