Northwest Connection

The spring sales season is upon us, so let's take a look at the recent market recap courtesy of Northwest MLS to better inform the buying and selling decisions we make going forward. Experts believe there's a turning point in our market's future, and as the winter season comes to a close and spring heats our weather and market up, there will be some welcome changes on the horizon.

 

According to the analysis by Northwest MLS, both buyers and sellers continue to hesitate to enter the market due to high interest rates, which currently sit at 6.94% (which is up from last month). Although rates are lower than they were in the final months of 2023, they're still causing many people to put a pause on their real estate plans. However, median sales prices are on the rise in 19 out of 26 of the counties analyzed in the report, with a 6% year-over-year increase overall.

 

Many sellers seem to still be waiting for the elusive "perfect" time to list. However, February did see a 4% year-over-year increase in inventory, with 17 out of the 26 counties seeing more listings. Hopefully, this trend continues and buyers are treated to more options as they approach their home-buying journeys.

 

Ready to navigate the evolving real estate landscape? Explore exclusive insights and make informed decisions for your next move.

 

 

 

 

 

 

5055 W Mercer Wy, Mercer Island

 

 

2821 252nd Ave SE, Sammamish

 

 

609 Evergreen Point Rd, Medina

 

 

506 Groos Lane NE, Bainbridge Island