July 2023 Market Update: Get the Latest Numbers and Make Informed Decisions 👨_💼

Introduction: What Crash?

Demand keeping inventory in check as buyers compete over low inventory. The highest volume of closed sales last month 6,842 closed in June 2023 since September 2022’s total of7,504 as buyers competed for limited inventory.

This is the story for the next little while as "Rate Locked" sellers choose to stay in their homes. Obviously, new homes are coming to the market every day, and even with interest rates hovering in the 7% range, their are buyers and sellers both making moves.

Take a Look at the Video for details on more numbers and Trends:

Numbers at a glance:

June activity showed there was about six weeks of supply overall = 1.55 months, with twelve of the 26 counties having less than two months of inventory. Among those were King, Kitsap, Pierce and Snohomish counties, where nearly 55% of the inventory is located. Five counties reported having more than four months of supply. Thats in Columbia, Ferry, Kittitas, Okanogan, and San Juan counties.

Of last month’s sales of single family homes (excluding condos), more than 21% commanded a price of $1 million or more. About a third (33.4%) sold in the range of $500,000 to $749,999.

June 2023 sales by price range (single family homes only)

Bottom Line:

These numbers track expectations of what inflation has done over the last little while, the predictable response by the FED, and the seasonality of the market. Remember, interest rates can do three things: they can go up, they can go down, or they can stay the same. When the come down, we expect more buyers to enter the market. if your looking to make a move, get prepared early, you might stumble upon a great place - whether its a stepping stone home, or your forever home - if it makes sense now, go for it and refinance when rates drop. Timing the market will always be outdone by time in the market - remember in the video the long tail of values over the last 10 years. That pattern repeats itself time and again - use it to your advantage.

Here when you're ready. Just call. We can brainstorm, go over the process and set you up for success.

My role isn’t to try to convince you to do anything. If you can’t justify or make sense of a purchase, then now probably isn't the best time for us to work together. That's okay. I work with folks who are looking to make moves now, and some that are planning on making moves in the next 4 years. Everyone's situations are different and unique.

When the time comes, my role is to guide you through the process and help you avoid mistakes and pitfalls. Plus, offer you tangible, actionable, sound objective advice using relevant data. This way you can make informed decisions that benefit you, your family, or your home-buying partners with little to no speculation about the market. By relying on objective information rather than speculative market trends, I strive to empower you to make a well-informed choice. I hope you found this article insightful and valuable.

If you're making a move, reach out, and lets chat. Happy to brainstorm and come up with a solution that gets you a tangible and actionable plan that fits your unique situation.

Best,

Justin H Gazabat
Broker | PNW, Seattle, Ballard, East Side
Your Friendly Seattle Neighborhood Real Estate Professional.
www.JustinGazabat.com

PS: If anyone in your social or work circles considering a move, just send Me an intro text or email with their best contact info, make sure everyone is CC’d and I’ll take care of the rest! I promise to take great care of them, serve them well, make you look good, plus help them get great results.