Here’s a look at the Puget Sound Real Estate Market for March, 2017. According to a report released on March 6th by Northwest Multiple Listings Service, homes are in demand to the point that a new listing causes a frenzy among home buyers. Potential buyers are hungry for more!
A Look at the Housing Stats
February saw a total of 5,374 condominiums, townhomes, and single family homes sell. That’s an increase of 6.9% from last year at this time. The median price range for homes sold in King county in February showed a sharp rise to $560,000. At the end of the month, there were 9,091 homes on the market without an offer. Even so, King County has less than a month of inventory to sell. Inventory hasn’t been this low since 2004.
A Look at the Condo Market
The median price range for a townhome or condo in King County for February was $340,500. This amount shows an increase of 5.1 percent from this time last year. The month ended with only 759 condos listed for sale. This time last year that number was 1,136.
What Does this Data Mean?
While buyers are sitting on the edge of their seats waiting for new homes to hit the market, sellers are holding back when it comes to taking the plunge into the market.
What does this mean if you’re buying a house in Seattle or King County?
With the extremely low inventory, expect to run into multiple offers, but don’t let desperation make your decisions. It’s tough during these exciting times, but strive to keep your feet on the ground. Consider going for a home that is slightly under your target price range. Buying low and moving up in 3 – 5 years is becoming an acceptable trend.
What does this mean if you’re selling a house in Seattle or King County?
Sellers who set the asking price correctly are seeing multiple offers as buyers get even more aggressive about grabbing properties as soon as they hit the market. We know that many buyers are sitting in a hibernated state because of their fear of not finding a home to replace the one they want to sell. The good news is that if you do make the choice to list right now, you can see your property sold in record time!
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.