Snoqualmie’s real estate market remains tight as we enter the winter months of 2017. On the eastside of the Seattle Metro area, 67 percent of homes sold in the first 30 days on the market. In a typical season, only 30 percent of homes sell that quickly.
Low inventory of homes is driving much of that frenzied activity.This is typical of the late fall and early winter months, which usually see a 30 to 50 percent decrease in the number of listings coming on the market.
In Snoqualmie, there is less than half a month of inventory of homes for sale. That means at the current rate of sales, it would take only a couple of weeks to sell all the homes on the market. Buyers looking to purchase in this area are facing stiff competition, leading to multiple offers on each available house. This, in turn is driving up home prices.
Since we’re in what is considered a sellers’ market (i.e. more buyers in the market than there are homesfor sale), “anybody looking to sell will benefit from less competition over the winter,” says Martin Weiss,sales manager in the John L. Scott Issaquah branch, which serves Snoqualmie and much of the eastside.
As more and more people look to make a home in this part of the Puget Sound region, and interest rates hover at historically low rates of below 4 percent, there is no sign of a slowdown of buyers shopping inSnoqualmie. Those buyers will be heartened to know that the first of the year should see a slight uptick in inventory. And as we enter the spring months, we’ll see even more new listings, and the market will heat up once again.
Says Weiss, “The spring listing season cannot come soon enough for buyers looking for more options.”