Market AdviceReal Estate Forecast January 12, 2024

January 2024 Eastside Market Update

December is always a squirrelly month and not a great month to glean much from the data. The stats in the video are interesting, 11% year-over-year appreciation (though not quite to the peak of 2022) and 1.2 months of inventory illustrate a healthy, dare I say robust, market. What is more interesting is the that we ended the year with 43% less inventory than 2022, which performed like a ‘normal/pre-pandemic’ year with the bulk of the appreciation happen in the first part of the year. Also interesting is that December had more pending sales than new listings showing that buyers are out there. Another noteworthy point when comparing last year to this year is that interest rates are about the same (~6.46% last year vs ~6.62% today). I am cautiously optimistic that the first quarter will be strong. For buyers this means buy with courage and confidence. For sellers it means you should list with confidence.