Here’s a look at the Puget Sound Real Estate Market for February, 2017. According to a report released on February 6th by Northwest Multiple Listings Service, homes aren’t staying on the market long! Even with the increase in listings, the inventory remains low due to quick action on the part of buyers.
A Look at the Housing Stats
January saw a total of 5,874 condominiums, townhomes, and single family homes sell. That’s an increase of 17.8%, or 889 more homes, being sold this year than last. The median price range for homes sold in King county in January dipped slightly to $525,000 from December’s median value of $550,000. At the end of the month, there were 9,752 homes on the market without an offer. Even so, King County has less than a month of inventory to sell.
A Look at the Condo Market
The median price range for a townhome or condo in King County for January was $310,000. This amount shows an increase of 9.8 percent from this time last year. Condos are still in demand, but the inventory can’t keep pace with current needs.
What Does this Data Mean?
The good news: more sellers are deciding to put their homes on the market. The bad news: the properties are flying off the market so quickly that it’s not making much of a difference in the housing inventory.
What does this mean if you’re buying a house in Seattle or King County?
If you’re planning to purchase a home right now, you need to have your ducks in a row. Know exactly what you need in a home and have a strong negotiator on your side. With the low inventory, expect to run into multiple offers. However, it’s buyer beware! Many sellers are putting homes on the market that need repairs because the chances of selling are better than average. Know what you’re getting into when you purchase a property, and try not to let urgency cover up common sense.
What does this mean if you’re selling a house in Seattle or King County?
With buyers trying to snag a home before interest rates increase, this is a great time to sell your property. It’s a good idea to set the asking price correctly from the start to save yourself from delays and price lowering. With a competitive asking price, expect to receive multiple offers. Expect buyers to be more aggressive than ever when it comes to getting the house they’ve set their heart on owning.
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