Market UpdatesMy ThoughtsQuarterly Gardner Report February 6, 2023

The Gardner Report 2022 Q4

Windermere is wise enough and fortunate enough to work with Chief Economist Matthew Gardner.  Having complex economic and real estate data evaluated at the state and county level is a great benefit to me as an agent, my buyers and sellers.

King County lost 3.1% in average home sale prices for the 4th quarter of 2022 compared to 2021. Prices continued to rise rapidly through the first quarter of 2022, so next quarter’s numbers may show a marked difference.  For the same timeframe, Snohomish County increased .8%, while Pierce dropped just .2%.

Average mortgage rates increased from an average of 3.08% in 2021 Q4 to 6.79% in 2022 Q4.  (The forecast used excludes points and will therefore show rates that are actually lower than you may be quoted in the same timeframe.)  Matthew’s forecast is that interest rates will drop from the Q4 high to about 5.5% by Q4 2023.

Curious what all this means for your home’s value or your buying power? Contact me for a confidential talk.