There are more homes on the market right now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why.

You Have More Options To Choose From

An article from Realtor.com helps explain just how much the number of homes for sale has gone up this year:

“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”

And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is definitely an improvement (see graph below):

a graph of a number of homesWith more homes available for sale now, you have more options to choose from. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, explains:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”

That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed, because more options on the market means you’ll likely face less competition from other buyers.

Home Price Growth Is Slowing

When there aren’t many homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it’s what drove prices up so quickly.

But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below):

a graph of green and blue linesIn certain markets, the number of available homes has not only bounced back to normal, but has even surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, Co-Founder of ResiClub, explains:

“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”

Slower or stalled price growth could give you a better chance of finding something within your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), says:

“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”

But remember, inventory levels and home prices are going to vary by market.

So, having a real estate agent who knows the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget.

Bottom Line

More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out if you want to talk about the growing number of choices you have right now.

Individual Market Analysis for Eastside Cities (Live Statistics):

Sammamish:

        • Active Listings: Significant year-over-year increase in active listings.
        • New Listings: Higher number of new listings added in June 2024 compared to last year.
        • Pending Sales: Stable pending sales indicating steady buyer interest.

Redmond:

          • Active Listings: Increase in the number of properties listed for sale.
          • New Listings: A notable rise in new listings, reflecting active seller participation.
          • Pending Sales: Slight decrease in pending sales, possibly due to fluctuating mortgage rates.

Bellevue:

          • Active Listings: Substantial increase in active listings year-over-year.
          • New Listings: A significant influx of new listings in June 2024.
          • Pending Sales: Stable pending sales, showing consistent buyer interest.

Mercer Island:

          • Active Listings: Increase in the number of active listings.
          • New Listings: Higher number of new listings indicating seller confidence.
          • Pending Sales: Slightly lower pending sales, influenced by market conditions.

Kirkland:

            • Active Listings: Growth in the number of active listings.
            • New Listings: Increase in new listings compared to last year.
            • Pending Sales: Stable pending sales, with consistent market activity.

 Buyers:

Act Quickly: Given the low inventory and high competition, it's crucial to move quickly when a desirable property becomes available.

Prepare Financially: Ensure your financing is pre-approved and be prepared to offer above the asking price in highly sought-after areas like Bellevue and Redmond.

Start Your Home Search Here

Sellers:

  • Leverage the Market: The current market conditions favor sellers. With high demand and low inventory, you can expect to sell your property quickly and potentially above the listing price.
  • Enhance Property Appeal: Invest in staging and minor renovations to make your property stand out and attract competitive offers.

Our Listing Process

With Shane & Anne, our mission is to prioritize our clients in every aspect of the real estate journey. We are committed to providing exceptional service and expertise in the luxury real estate market. Guided by our core values, we strive to build lasting relationships based on trust and mutual respect.

Our Core Values:

          • Loyalty: We are unwavering in our commitment to our clients, always putting their needs and interests first.
          • Honesty: We operate with the highest level of integrity, providing truthful and transparent communication at every step.
          • Confidentiality: We respect our clients' privacy and handle all transactions with the utmost discretion.

We are committed to staying ahead of market trends and continuously enhancing our skills and knowledge to deliver unparalleled results. Our goal is to make the real estate experience as smooth and rewarding as possible, ultimately helping our clients achieve