If you’re looking for a home, now’s not the time to take a vacation.
“The summer market is turning out to be one of the hottest on record,” says Lennox Scott, Chairman and CEO of John L. Scott Real Estate.
“Temperatures are rising across the Puget Sound and the housing market is keeping pace. We’re seeing an increase in inventory in the mid- and upper price ranges and that is creating great selection and breathing room for some of the backlog of buyers, but it continues to be a seller’s market. Homes selling quickly, and with multiple offers, in areas near job centers are still the norm.”
On a monthly basis, this time of year we usually see more listing coming on the market than pending sales, but this year, sales are keeping pace with new listings. For sellers, the market remains at a frenzy level of new listings selling in the first 30 days, although it’s slightly less intense for each property.
Sales activity remains at a frenzy pace in the more affordable and mid price ranges in each of the four-county areas of King, Snohomish, Pierce, and Kitsap Counties.
In King County, new listings were down compared to last year but we’re still seeing 78 percent of listings sell in the first 30 days.
It remains a seller’s market, and homes are selling quickly in the Snoqualmie Valley. There were 248 new listings in July, but 201 homes were placed under contract.
Demand is severely cutting into the inventory of condos and residential homes on the market.
The adage “if you list it, it will sell” is alive and well.
Inventory is up, so are home values
Overall inventory was up 29.3 percent compared to last month and up 3.6 percent from July of 2016. Homes placed under contract were up just 1 percent compared to last month but up 22.6 percent from last year.
The numbers indicate that many new listings are being snapped up within the first 30 days.
“As Eastside housing prices continue to skyrocket, with 25 to 40 percent annual increases in some areas, weary buyers are beginning to recognize the convenience and solid values that the Snoqualmie Valley has to offer,” says Ben Pridgeon of John L. Scott Snoqualmie.
“And while home values in Valley towns like Carnation have appreciated a solid 34 percent in the last year, that translates to a fairly modest $226 per square foot – a good value by Eastside standard,” he says.
He adds that an additional attraction to buyers is that housing inventory is relatively high, and market times are longer, giving buyers more choice and more opportunity to evaluate their home-buying decision.
The housing market remains strong, with solid job growth, low unemployment, and interest rates leading the way.
