Real Estate Market Update

Real Estate Market Update

The Northwest Multiple Listing Service just announced that there are brisk sales, escalating prices and some improvement in inventory. What this tells us is that buyer demand is still very strong.  Generally there is a slight downturn in the market during August, but rising inventory levels and sustained buyer demand lead to increased home sales and increased appreciation last month. 

Let’s talk numbers.

Pending sales up are up 8.7% from this time last year; there were 6,916 pending sales, which was the highest volume for August since 2006. Prices also reflected an upward trajectory. The median price for last month’s completed sales figures for single-family homes and condos was $283,000, which is a 13.2% increase from this time last year. Since January of this year, prices have jumped 18.3%!  

Why is this happening?

We have seen nearly 22 months of increased sales activity that is most likely due to job growth, pent up local demand by home buyers, and historically low interest rates.  Inventory, which has been at historically low rates for months, is now beginning to stabilize, adding nearly 1,800 more new listings during August compared to this time last year.  However, 1.8 months of inventory is still short of the 4-6 months of inventory that is considered a balanced real estate market.  

What does this mean for me?

Make no mistake, now is certainly a good time sell your home.  However, it is still important not to overprice your home or you risk it sitting on the market.
 Buyers can expect competition, especially for turn-key homes in desirable neighborhoods like Capitol Hill, Queen Anne and Wallingford in Seattle. It may behoove a buyer to consider the risk of increased interest rates if they wait too long to consider buying.  Stay tuned for Team Troy’s next blog on interest rates.  

*Excerpted from NWMLS

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Phone: 206-940-2834
Dated: September 20th 2013
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About Troy: ~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken far...

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