So, last month I talked about Fall in the PNW being all about rain, rain, rain, and concluded with something like "we need it, so bring it on." Unfortunately, I was taken far too seriously. We have historic flooding throughout the area and -- as of this writing -- are expecting more rain to add to the mess. If you or someone you know has experienced flooding, wind damage, or landslides, and need some help, just let me know. If you are looking for ways to help those that need it, donating to the American Red Cross or another organization is a start (be sure the organization you donate to is real and intent on helping those in the PNW that need help).
The latest NWMLS (Northwest Multiple Listing Service) report shows that listings increased ~24% over last year, while closed sales decreased by near 11% for the same timeframe. Not surprisingly, these numbers are starting to affect sold prices with the median sales price for the state down a little over 2% compared to last year. That's not a lot, but definitely a change not seen for a long while. All of the above said, statistically, we are still in a seller's market with just over 3 months of inventory state wide. Most of western Washington is just under 3 months of inventory. A couple of reminders -- "months of inventory" is how long it would take to sell every current listing at the current rate of sales. Also, a balanced market is considered to be 4 to 6 months by most industry experts.
Freddie Mac is continuing to show mortgage rates coming down with November's rate the lowest since February 2023 and the yearly average the lowest since 2022. No, it's not 3%, but it's better than the 7.62% we saw in October 2023. (Mortgage Rates since 1971)
As always, buyers are still buying and sellers are still selling. I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
