See the following report for an update on market prices, inventory levels and comparison between eastside areas. While the market, as a whole, has improving inventory levels, what almost all areas are still seeing is a lack of homes for sale in the $400-750K range. We have pretty high levels of homes above $1.5M but that’s above what the average or median buyer can afford in our market. While sales are still strong, this inventory level will not be sustainable and we will likely see this price point experience weakness in the coming year to two. This means if you’d like to sell and capture these values and market demand, now or at least by Q1 of 2019 will be the time to sell.
Similar to the last 3 years, the market appreciation takes place in the first quarter of the year, then plateaus and remains stable to slight declines for the balance of the year. With some rise in interest rates we may see a bit more sustained demand but rising inventory usually hampers prices for the balance of the year.
Enjoy the report and let me know if you’d like to talk more specifically about your home, market area or specific interests.