This is a monthly contribution to the Blog by local realtor Doron Weisbarth
Historically, August tends to be a slow, sleepy month in the real estate. Many buyers and sellers are enjoying the famous PNW weather, so real estate is far from their minds. You can see that the number of new listings that came on the market was lower that most August months, yet, overall inventory level almost doubled from last year. So the craziness of the recent past has subsided a bit, giving buyers some reprieve, although, when a good homes still attracts many eager buyers.
All this is to say that I would be careful about drawing too many conclusions about market trends from the August’s data report. It is difficult to tease out the seasonal effects from other effects, such as the interest rates, inflation, etc. While we are clearly in seller’s market territory, it is not the aggressive market we had become used to over the two years since Covid started. And yet, sellers are still making very nice gains on their home values, even if there are some fluctuations.
As we move into the fall market, we are likely to see new inventory and more overall activity before we start slowing down again towards the Holidays.
Considering selling your PhinneyWood home, or buying one in our neighborhood? Find out what insider tricks and strategies will help you maximize your results. For a no-obligation consultation, call Doron at 206-779-9808.