The real estate market for the Puget Sound increases the competition among real estate agents as we move towards the end of the year. November showed a dramatic decrease in the number of new listings, but this hasn’t stopped buyers from rushing to grab their dream house. The low inventory and the high demand are keeping real estate agents on their toes.
Sellers in the King County and Snohomish County areas have taken a holiday break from putting their homes on the market. In fact, November showed a decrease of 13.2 percent in inventory. Compared to November of last year, this area shows an increase of 9.4 percent for pending sales, a 31.3 increase in closed sales, and an increase of 11 percent for sale prices.
According to a report on northwestmls.com, the four-county Puget Sound region is maintaining its strength in spite of setbacks. Brokers reported 8,217 pending sales for the month of November, this is an increase of 6.8 percent from this time last year.
The median price for a condominium decreased 1.9 percent compared to November of last year, coming in at $280,000. The single family home median price in King County for November was $550,000. Current prices show a significant increase of 10 percent from November of 2015.
House Inventory Extremely Low
During November, MLS members added approximately 5,779 new listings to the inventory. The end of November showed a total of 13,303 active listings, a 13.2 percent decrease from November of 2015.
King County shows a less than one month inventory supply. Snohomish County is showing a decrease from this time last year with a supply of 1.22 months. This is a startling drop from last year.
Early Predictions for 2017
Experts are watching the real estate market with growing interest as we move into the new year. There doesn’t seem to be a slow down in the rise of house prices, but they do expect new listings to increase once we move into 2017.
Even with the possible increase in interest rates, experts don’t see a slow-down when it comes to the interest of buyers in the Puget Sound area. For now, the low interest rates and accelerated closings are bringing more buyers in to the ring, and real estate agents are sharping their negotiation skills for the multiple offers hitting the table.
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