Market Trends From Around The Sound: Q1-2024

It’s a new year but our market is marked with similar obstacles as the previous year: high interest rates that continue to deter potential buyers and low levels of inventory. Before we proceed with the rest of the year and see the expected rebound with the spring sales season encouraging more activity, we’re looking back at the first quarter of 2024 with our Market Trends From Around the Sound report. Explore our year-to-year comparison of insightful data like median sales price, average days on market, and inventory levels for 16 distinct communities within the Puget Sound region.

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The Housing Market's Inflection Point is Apparent

We’ve been calling the “inflection point” for many months, and we can see that clearly illustrated when the trends reversed course in 2023. According to Trendraphix’s recently released (month-to-date) March data, there was a 23.4% year-over-year increase in pending sales in the four-county (King, Snohomish, Pierce, and Kitsap County) region. The spring sales season has kicked off early this year, promising more activity and indicating pent-up demand.

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2024 Luxury Outlook

The Sotheby’s International Realty® 2024 Luxury Outlook report overviews industry trends in high-end residential markets around the world and highlights what you can expect in the year ahead.

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Ev Winningham
2024 Market Predictions That Will Set You Up for Success

As we look forward to 2024 and prepare ourselves to navigate a new year’s market, we’re covering some of our predictions for trends and shifts to look out for and how our buyers and sellers can prepare. With over six decades of combined experience, we’ve seen countless markets come and go. Throughout the years, we’ve proven that it is possible to exceed our clients’ expectations, even amid challenging markets.

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2024 Housing Market Forecast: A Turnaround in Affordability for Seattle and the Eastside

As Seattle and Eastside real estate brokers with decades of experience, we closely monitor market trends to provide our clients with the most up-to-date information. The 2024 housing market forecast, drawing on data from Realtor.com and other reputable sources, presents a mix of continuity and change, offering insights for both homebuyers and sellers in our area.

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Achieving Homeownership In A Competitive Market

In a housing market where nearly half of Americans worry they may never own a home, we’re facing unique challenges. With the scarcity of available homes for sale and a growing trend of properties selling above asking price, many prospective buyers, including first-time buyers, are feeling disheartened. However, there’s a strategy that most potential homebuyers are unaware of—one that can reveal more affordable options even in the face of stiff competition.

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Ev Winningham
How to Reckon With High Mortgage Rates

Mortgage rates continue to be top of mind and a tricky challenge to navigate for even those with extensive experience in purchasing real estate or seasoned investors with multiple assets. So, it’s no surprise that many first-time buyers find themselves overwhelmed by the high rates as they attempt to search for their perfect abode or starter home. However, the first step to achieving success amid a market marked with obstacles is to understand exactly what is going on, how it directly affects you, and strategies you can employ to reach your real estate goals, regardless of rates.

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Ev Winningham
Market Trends From Around The Sound: Q3-2023

When investing in real estate, we want our homes to appreciate. Amid high interest rates and a slow-growth economic picture, ensuring your investment is wise is more important than ever. Each quarter, Realogics Sotheby’s International Realty looks back at key indicators of the real estate market across several communities and counties so that you can make an informed decision about the next step in your real estate journey. In some counties, we saw growth; in other communities, home prices continued to decline year over year, though none drastically fell. Explore these reports, and when you’re ready to have a conversation, reach out to us so you can work together to achieve your real estate goals.

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Market Trends From Around The Sound: Q2-2023

Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy.

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Ev Winningham
Seattle’s 4 Best Urban Neighborhoods

As we march ever forward after a challenging few years, Seattle’s downtown core is coming back to life. From the sparkling tech headquarters in South Lake Union, to the beloved live music venues of Belltown, to the quirky vintage shops of Capitol Hill, these urban neighborhoods showcase our resilient Pacific Northwest nature, while providing city conveniences and easy access to all things Seattle.

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Ev Winningham
2023 Waterfront Report

Water defines life in the Pacific Northwest. Nowhere is this more true that in Western Washington, where urban lakes, Puget Sound, coastal shores, and idyllic islands entice the bold and beckon those who long for a respite. There is truly nothing like a piece of shoreline to call your own. With this in mind, Realogics Sotheby's International Realty presents the 2023 Waterfront Report to help inform the next steps on your selling or buying journey.

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Ev Winningham
Mental Health Awareness Month

May is Mental Health Awareness Month and we want to shine a light on the importance of mental well-being and how to nourish your own. With our roots in psychology, this topic is not just relevant, but deeply personal. We believe in fostering communities where mental wellness is not only acknowledged but actively nurtured and celebrated.

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Ev Winningham
Market Trends From Around The Sound: Q1-2023

If you’ve seen the headlines, you already know—inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of the year, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the rocketing (and in many cases, unsustainable,) growth that marked the pandemic-era housing boom. As a result, the median sold price for single-family homes stayed relatively flat year-over-year.

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Ev Winningham
Why This Could Be The Best Homebuyer Season In A Decade

Current headlines are awash covering rising mortgage rates, high inflation, and political turmoil. But guess what? Investors and economists have already factored in these uncertainties, and there are signs of a strong rebound in our historically “first in – first out” Puget Sound economy. The window of opportunity is here, don’t miss it. The housing market is rebounding faster than the media can catch up. But when the market rebound makes a headline, prepare for FOMO.

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Ev Winningham
Intentional Integration: Wellness at Home

Can you believe March is nearly here and spring will bloom in less than a month? Life passes us by in a blur when we’re having fun and working hard, so it’s no surprise that intentionally slowing down and evaluating the wellness level of our home isn’t at the top of the priority list. When we’re in need of inspiration, we look to others who are doing admirable work and that inspires us to get started. Here are some of the best home wellness insights we’ve come across recently

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Ev Winningham
New Year's Resolutions You'll Want to Commit To

Do you find that gatherings with your colleagues, friends, and family around the holidays usually prompt self-reflection? If you answered yes, you are certainly not alone. This time of year, many of us become inundated with messages about how our lives should look and how we should feel, and this can oftentimes spark feelings of inadequacy, disappointment, or pressure from the outside world to “get back on track.” We think it’s time to throw those rigid ideas of “perfection” to the curb and take back control of our own self-worth while prioritizing the feelings, mindsets, activities, and people who bring us the most joy. We’re going to start by rethinking our New Year’s resolutions for 2023 and sharing Parade.com’s recent article highlighting 55 resolutions to try.

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