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October 2024 Real Estate Digest
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I hope you’re enjoying the first few weeks of autumn. I love this time of year; the hiking trails come alive with color, we’re in the middle of football season, and the holidays are just around the corner. Plus, if you have a sweet tooth, it seems there are endless bowls of goodies around. I’m a big fan of the little bags of M&Ms and Twix.
In real estate news, the Fed’s recent rate cuts provided a much-needed boost to our market. We saw double-digit increases in new listings and single-digit increases in median home prices.
However, Steven Bourassa, UW’s director of the WA Center for RE Research, cautioned that without further cuts to interest rates, it will remain tough for potential buyers. Bourassa says, “Interest rates remain over double what they were just three years ago (6.08% versus 3.01% for a 30-year fix). This continues to have a major impact on affordability. It seems unlikely that the volume of transactions will pick up substantially without some significant improvement in affordability.” Hopefully those additional rate cuts are just around the corner.
September key takeaways:
➡ There was a 31.4% increase in the total number of properties listed for sale, with 15,748 active listings at the end of last month, compared to 11,983 in 2023.
➡ The number of closed sales increased by 1.9% year-over-year (5,828 last September) compared to 5,722 in 2023.
➡ Overall, the median price for residential homes and condominiums sold in September 2024 was $635,000, an increase of 5.8%, compared to September 2023 ($600,000).
In other news, pumpkin patches and corn mazes are taking over Snohomish, Seattle just opened the new Overlook Walkway by the market, and Niche just released their school rankings, with the Eastside schools still on top (more on that below). Also, the Sammamish Valley Harvest Celebration and the West Seattle Ski Swap are this weekend.
As we wrap up, I would like to wish our friends up north and my wonderful wife a happy Canadian Thanksgiving, and to our local community that has Monday off, Happy Indigenous Peoples’ Day.
Whatever you’re celebrating, I hope you have a great weekend, and thanks for reading.
All the best!
~ Nick
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Featured Listings
Check out Nick’s Realty Team’s new listing in Redmond and another water view home in Mukilteo!
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LUXURY NEW CONSTRUCTION in Redmond‘s Mondavio community. Backing up to a green belt, short walk to downtown, Sammamish River and other trails. Designed by Seattle’s leading luxury home architect & inspired by the latest local trends, this home is a harmonious blend of contemporary & traditional design elements. 10 ft ceilings, spacious & well-lit interiors, super chef’s kitchen w/ quartz countertops, premium cabinets & appliances, sumptuous master suite, 2 home offices, bonus room w/ cafe bar & fireplace, high-end flooring, insulation & roofing package, large backyard retreat, spacious 2 car garage w/ 3rd and 4th car parking on property. Fully Vastu compliant & yantra energized by world’s leading Vastu expert. Highly rated Redmond Schools.
See Full Listing »
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Step into this stunning Mukilteo home with one-of-a-kind custom Craftsman built to the highest quality. Spectacular architecture design with an extensive use of hardwood flooring, millwork, and crown molding with no expense spared. Breathtaking views of Puget Sound, Possession Bay & the Olympic Mountains. Main floor primary suite and four sets of French doors open to a 72-foot deck. 4 bedrooms and a bonus room with a kitchenette, could be used as a 5th bedroom. Beautiful, renovated kitchen with large island, new quartz countertops and high-quality Viking appliances. The oversized four-car garage is 1,840 sq ft with lots of storage cabinets. This home will not disappoint. Be prepared to fall in love!
See Full Listing »
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Fall Decor Trends to Help You Create a Cozy Autumnal Home
Fall is known for its spectacularly beautiful colors. Between the earthy colors and jewel tones, velvet and corduroy textures, cooler weather, and the opportunity to sit outdoors without being mauled by mosquitoes, it’s hands-down my favorite season. And who doesn’t love wearing boots, drinking hot chocolate and apple cider vinegar, and cuddling under blankets and throws?
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6 Tasks That Every Smart Homeowner Does in October
The temps are starting to drop, and the smell of wood smoke is in the air. That’s when veteran homeowners know it’s time to do these six things if they want to avoid trouble or overspending.
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Concierge Service
In case you didn’t hear about it already, please check out our new concierge services where all our services are FREE! Be sure to contact Nick if you have any questions.
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