What. A. Year!
We all couldn’t wait to put 2020 in our rearview mirror, but 2021 also proved to be a doozy.
With all of the craziness in the world and in our personal lives, the days can drag on forever. But at the same time, it feels like the last two years have flown by in a blur.
Now, here we sit at the beginning of a new year, and the world continues to fly by.
As expected, our real estate market has launched out of a cannon in January 2022. In the fourth quarter of last year, we saw inventory of available homes drop down to historic lows. And while buyers often go dormant over the holidays, we experienced the opposite. Any semi-decent home for sale was snapped up quickly and often for over asking price.
In fact, the price per square foot in King County increased more than 20% year-over-year in the fourth quarter of 2021, highlighting how home selling prices have risen and continue to grow dramatically in our area. However, days on market remained low last quarter, which shows that buyers were still eager to compete for listings, despite the inflated home selling prices.
I’m predicting a similar year for Puget Sound real estate. Not much to buy and eye-popping stories of bidding wars and high sales prices. If you’re dreaming of a move, such headlines can make the prospect of success feel daunting.
Never fear!
As a team, we are pursuing every possible angle on behalf of our clients. We are connecting off-market buyers and sellers more than ever before. Why? To help avoid the bidding war frenzy, of course!
So, if your 2022 goal list includes a new home, let’s chat about every option available and get a plan in place. And if you're curious to learn about what happened last quarter, where our real estate market is headed next, market supply chain issues, property spotlights, and more, read my quarterly market report below. Let me know if you'd like to receive a hard copy of my next Q1-2022 Real Insights.
