The Trossachs market increased 9.1% in 2024, and while that’s great news, it isn’t the full story. That’s the overall increase from January 1st, 2024, to December 31st, 2024.
However, for homes that closed in April (with a typical 30—to 45-day closing), they were on the market from late February to early March. Home sale prices in Trossachs increased by 21% to an average of $2,370,000.
If you tried timing your home’s listing for the end of June to coincide with the end of the typical school year, you only increased 1% from January and saw a decrease of 20% from April, with average closings at $1,975,000. (In fact, 3 of the 4 Trossachs homes closed in June went for UNDER asking price.)
Homes in Trossachs finished the year up 9.1%, closing at $2,150,000.
The difference between closing in April and closing in June, though only 2 months apart, was almost a $400,000 difference.
Trossachs has just under 1,700 homes.
Market Recap
Traditionally a quieter month in the winter season, January’s activity continued the year-over-year growth trends observed in market activity over the last twelve months. January 2025, an increase of 35.1% compared to January 2024.
2024 started with the lowest housing inventory levels in the history of the NWMLS and was at the lowest level nationally in 40 years. As a result, the start of the year saw intense competition for limited inventory despite relatively high interest rates. Those factors culminated in a 22% price spike for homes that went under contract in late February through early March with closing dates in April. Conversely, as more inventory came on the market price adjusted back down and by June closings were only up 1% from where they started in January. June actually saw 3 out of 4 homes in Trossachs sell for UNDER asking price.
Rounding out the year, Trossachs homes have a year-end price increase of approximately 9%. The winners were clearly those people who had their homes on the market by the first week of March to the tune of over $200,000! For 2025 we are starting with the Highest inventory levels in 5 years. Factoring the inventory level with interest rates we expect the best time to sell in 2025 to be slightly earlier this year. That places February solidly as the best time to list your home with closing taking place in March to very early April.
As a factor of the increasing inventory levels the NWMLS is tracking the following changes in Buyer and Seller activity.
The same sales pattern can be seen throughout the area, from neighborhoods like Klahanie, The Issaquah Highlands, Sammamish as a whole, Issaquah, Bellevue, and even Snoqualmie Ridge.
In 2025, we are starting the year with the highest inventory level in five years. This means that for sellers, the market will peak earlier this year than last. In fact, by April-July, we are expected to be above average inventory levels for the first time in nearly a decade.
Those conditions lead to the following:
- The housing market will keep shifting in 2025.
- The average home value rose by 9% annually.
- Expectations are for approximately a 5% increase in prices for 2025
- Homebuying activity should pick up after a long slump despite choppiness in mortgage rates.
- Housing Inventory to start the year is the highest since 2020
- Fewer Bidding Wars with normalizing housing supply
- Interest rates are to bounce around the mid-6% range.
Inventory going into the new year is already significantly higher than in 2024, meaning that if considering selling your home listing early in 2025 means less competition and “Best” opportunity for a higher sales price and possible bidding war.
Professional Equity Assessment Report
PEAR is a custom evaluation of your home’s cash value. We can determine your home’s approximate equity by assessing your current mortgage and estimated selling price and deducting fees such as commissions, excise tax, and other closing costs. This report is a powerful tool for helping you make confident decisions about selling your home.
The truth is that the final numbers are more than just the sales price and the remaining mortgage balance. Other factors such as capital gains tax, broker commissions, HELOC loans, prepayment penalties, special assessments, and escrow and lender fees play a part in this final number.
We’ll help you clearly understand your bottom line. Just provide us with your address, and we’ll start on the report immediately.
We’ll help you clearly understand your bottom line. All you have to do is let us know what your address is, and we'll get started on the report right away.
What factors are included in the equity assessment of my home value?
Posted by Cary W Porter on
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