Housing prices continue to climb as available inventory shrinks | Real Estate

The year 2018 is off to a robust start in the residential housing market. In Snoqualmie, we have 50 percent more pending sales in January than we did in December, 2017.

The high sales activity is impressive because there are not a lot of homes available for sale right now. Inventory, in other words, is drastically down. For the new listings that are added to our local marketplace, the majority of them are gone in less than one month.

Perhaps because of the high demand, prices continue to increase. Prices in Snoqualmie have risen 6.8 percent since December, and we continue to see multiple offer situations. While we have more homes available for sale now compared to last month, the current inventory is still not enough to satisfy current buyer demand.

From providing tutorials on new tools to role-playing to ensure a broker is ready for all types of situations and conversations, I like this time of year because it’s a time for self-reflection. We have a strong culture of continuous improvement, and it’s rewarding to support each other in reaching and surpassing goals. One area of focus is additional training for those who want to specialize in the luxury market, often defined as houses above the price point of $1 million.

If historical patterns hold true, we are currently about halfway through the price appreciation boost that tends to occur the first four months of the calendar year. As more houses are added to the market, which will likely start in March as we usher the arrival of the spring housing market, increases in median home prices will likely shift from double to single digits.

Low interest rates and the strength of the local job market continue to motivate many people to either sell their current homes and find new ones, or enter the market as first-time home-buyers.

Many people ask me when it’s the best time to buy or sell, and I always have the same response: when it’s right for you.

More in Business

From Snoqualmie to nuclear subs, Zetec builds inspection tech

The Snoqualmie-based company builds ultrasound and eddy current testing tech.

Stakeholders pose during a ribbon cutting ceremony for new deli at Snoqualmie Casino. Courtesy photo
Snoqualmie Casino celebrates new deli

Design inspired by Pacific Northwest nature and tribal traditions.

Snoqualmie Valley Hospital CEO resigns; recommends interim CEO

Snoqualmie Valley Hospital CEO Tom Parker announced his resignation and recommended an interim CEO.

Housing market showing balance

Good news for buyers

Fall housing market shifts, but still seller’s market

Residential real estate snapshot from John L. Scott

It’s time to get clear on recycling

A column by Michelle Metzler, Waste Management recycling education and outreach manager

Salish Lodge celebrates remodeling

The lodge underwent a $13 million remodeling effort over the last year.

Snoqualmie chiropractor working on family guide to outdoor activities

Chiropractor Tiffany Green talks growing business and working on an outdoor activites book.

Health and life coach moves to new location in North Bend

Life and health coach Jacqueline Fairbrass moves to new location on Bendigo Boulevard in North Bend.

CitySurf pop-up pool could open this summer on Eastside

A Sammamish couple hopes to break ground on a permanent indoor surf facility later this year.

Fall City lavender farm set to bloom

Ivy Cheung grows lavender on her small family farm.

Big changes are on the way for Snoqualmie Falls Brewing

New ownership at the brewery means a revamped interior and some canned beers.