House sellers in the Puget Sound are seeing multiple offers coming in and an increase in interest at Open Houses. As predicted by experts, things have slowed down due to back to school season, but home sales are still higher this year than one year ago.
This year continues to be positive for sellers in the King County and Snohomish County, as sellers are seeing more people attend open houses. In fact, a recent open house in South Lake Union brought in more than 100 guests during one day of the showing. This increased interest proves that buyers are still looking for their dream home during the inventory shortage.
According to a report on northwestmls.com, the four-county Puget Sound region is maintaining its strength. Brokers reported 8,628 pending sales for the month of August, making this month the best on record since 2005 when there were 8,874 pending sales.
House Prices Continue to Rise
In King County, pending sales for August may have shown an increase but house prices are still on the rise. Of the 3,656 sales that closed in the month of August, the median price for condominiums and single-family houses was around $500,000. This time last year, the median price was $450,700. This shows an increase of 11 percent.
During August, MLS members added approximately 11,411 new listings to the inventory. The end of August showed a total of 18,336 active listings, a 11.6 percent decrease from August of 2015.
Those seeking condominium living are in for a challenge. The median price rose 16 percent compared to August of last year, ringing in at $299,950. This time last year, a buyer could have snagged one for around $258,750. The picture is not much brighter for those seeking a single-family home. Prices increased by 10 percent from a year ago, with the median price in King County hitting $550,000. This increase makes it even more important for a buyer to know exactly how much they can afford to spend on a house.
‘Tis the Season for Football & Houses
If you’re looking to buy a house, the prime time for hunting will fall within the next 60 days. Inventory will continue to drop as we move into the period of November – February. With less houses being listed, you will have even fewer choices if you wait to begin your search.
It’s also a great time to consider that interest rates are the lowest they’ve been in quite some time. This is good news for home buyers looking to purchase their first home. Still, the low inventory may make finding a house that checks all the boxes on your wish list more of a challenge.
The holidays aren’t the only seasons that have an impact on the real estate market in this area. Expect to see more open houses taking place on Saturdays so that football fans can concentrate on enjoying their Sunday football gatherings.
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