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.