Team Skally's Market Minute | Shift Happens!
Team Skally’s Market Minute | Shift Happens!
Throughout the year, we’ve been sharing shifting market conditions, and May represented a significant tipping point in favor of buyers. Homes available for sale doubled over last year, with over 2 months' supply of inventory on the market. This sharp increase in inventory resulted in a 4% reduction in the median sold price versus last year. Simply put, buyers have more choices and are becoming more fickle.
Our analysis of homes sold in May illustrates this point. On average, 42% of homes sold below their list price with 35 days on the market. There are two reasons for this: the primary factor is sellers choosing a list price above market value, and secondly, homes being in less than what Christina refers to as “cream puff” condition. Consider this: would you be willing to pay top dollar for something less than awesome?
Despite the shift, sellers are still winning. In May, 58% of homes sold at or above their list price. The explanation of this is rather basic: these homes were priced well and/or looked amazing. While some things change, some things stay the same. A well-prepared, staged, marketed, and negotiated home sale can still outperform the market.
With the seasonal slowdown upon us, we are advising and assisting clients in preparing their homes for Spring listings. We’re also helping buyers take advantage of more choices and more opportunities to negotiate a great price. To maximize this opportunity, buyers should consider landing a less-than-perfect home in the best neighborhood and with great “bones”. Capturing a great deal now and making the home their own with our guidance and support can be a winning combination.
Your team matters now more than ever. When the time is right for you or if you just want to strategize about future options, let’s connect and catch up, preferably over a “cup of joe”. Until next time, keep loving where you live!
Cheers,
Matt & Christina
Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Mercer Island, Renton and Issaquah. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award winners for best client service, Nextdoor’s Neighborhood Faves and regularly featured in online and print publications including Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and two Goldendoodles as well as volunteering in the community.