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
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
Author:Troy Anderson Phone: 206-940-2834 Dated: September 20th 2013 Views: 769 About Troy: ~Married with 2 children
~Turned grey prematurely
~Fetish for all things Apple
~Urban chicken far...
TEAM TROY, we are a bunch of fanatics that happen to be really good in the Seattle real estate business. Sure we could exploit systems, alter perceptions, and make more money for the sake of having more, but that’s boring – everyone does that. We’ve come to realize that work should be about increasing our standard of giving, not our standard of living. What keeps us going is our daily fear of dropping dead while doing something useless. We continually aim to be better agents, better neighbors, better partners, better parents, and better people with the singular goal of making folks like you better off than you were before you met us.
Discover our 9 point difference:
“Here at TeamTroy we have found that when we make our only goal, that of making others around us better off than they were before they met us, then everything else just falls in line. This simple mindset protects us from the status quo in real estate, and keeps us obsessed with results.”
Reach out to us today, and find out what you have been missing!
//WISE. Good judgement. Make important choices despite ambiguity. Always strategize.
//OPEN. No walls. Ensure everyone we meet has the same idea of who we are.
//IMPACT. Life is never about us. We strive to make a difference in at least one person’s life daily.
//CURIOUS. Hate the status quo. Learn something from everyone.
//CREATIVE. Challenge the traditional. Incessantly innovate around obstacles and design simplicity.
//BRAVE. Today is not just another day. Never be afraid to try what no one else will do.
//TENACIOUS. Never quit. As others drop back, we run faster.
//CANDID. Honest and blunt. Never alter perceptions but adjust the context.
//SELFLESS. Be salt. Make everything else taste better.
Frequently, when talking about any new real estate market, you go in b
"Calm, Cool, and Collected. We had a tough sell with several bumps in the road. We lost a couple buyers due to problems on their end, and Troy was able to keep everything on track and eventually get our house sold for a great price. I believe he always had our best interests in mind, kept us positive, and gave us a great result. In his words, it was a bumpy ride with a smooth landing. Thanks Troy."