Here’s a look at the Puget Sound Real Estate Market for January, 2017. According to a report released on January 5th by Northwest Multiple Listings Service, the year ended on a sour note for home buyers. Property prices and interest rates are increasing, but the housing inventory isn’t showing signs of a rebound as we enter 2017.
A Look at the Housing Stats
December saw a total of 7,575 condominiums, townhomes, and single family homes sell. Sales are up from this time last year when there were 7,091 sales closed during the month of December. That’s an increase of 6.8 percent. The median price range for homes sold in King county last month remains unchanged from last month, as it holds steady at $550,000. At the end of the month, there were 10,571 homes on the market without an offer. Even so, King County has less than a month of inventory on the books.
A Look at the Condo Market
The median price range for a townhome or condo in King County for December was $314,000. This amount shows an increase of 12 percent from this time last year. While prices are on the rise for condos, the inventory can’t seem to keep pace. The end of the year saw the condo inventory at less than 19 percent.
What Does this Data Mean?
If you feel like the real estate market for the Puget Sound area is beginning to sound like a broken record, you are not alone. The end of 2016 brought in pleasant surprises for sellers due to the determination of buyers. Buyers, on the other hand, received a big bah-humbug for buyers with the rise in interest rates and prices.
What does this mean if you’re buying a house in Seattle or King County?
In spite of the low inventory and current interest rates, experts believe that 2017 will be a successful year in real estate for the area. You may want to consider planning for the expected increase in inventory that should begin in February. Line things up now for a Spring time purchase. With the low inventory, expect to run into multiple offers. If you have your eye on a condo purchase, the incredibly low availability may make things even more challenging.
What does this mean if you’re selling a house in Seattle or King County?
The demand for your house is extreme right now. 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. With closed sales finishing the year out strong, things are still looking good for sellers in the area. Not quiet ready? Now is the time to begin preparing for the Spring sales increase. Focus on repairs and getting things ready for the market.
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