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Home Buyers in Western Washington "Hit the Ground Running"

There are not enough homes on the market for the amount of Buyers we are seeing around the Sound. It is a great time to list your home! Spread the word!

From the Northwest Multiple Listing Service® Press Release Feb 6th:

J. Lennox Scott, chairman and CEO at John L. Scott Real Estate, said the surge of buyers at the start of the year is “more intense than usual.” That, paired with low interest rates and extremely positive job growth, translates to rising prices and “a piping-hot market.”

Scott said there is emphasis on each new listing as it comes on the market, with many homes receiving multiple offers, especially in the more affordable to mid-price ranges. He noted the luxury market is also feeling the pressure in Seattle and on the Eastside, with listings virtually sold out in the $1 million to $1.5 million range. Northwest MLS members tallied 5,074 closed sales during January for a 4.3% increase from the year-ago total of 4,865. Median prices jumped 10.7% from a year ago. Last month’s sales of single family homes and condominiums area-wide had a median price of $422,750. That compares to a price of $381,900 for the same month a year ago. King County, where January’s median selling price was $589,950, reported one of the more modest year-over-year gains at 4.4%. Other counties around Puget Sound reported double-digit increases, ranging from 11.8% in Kitsap County to 15.3% in Mason County.

“January started out with a bang! What was most noticeable is that the Greater Seattle/King County real estate market rebounded quite quickly after the end of the 2019 holiday cycle,” reported industry veteran Gary O’Leyar, pointing to year-over-year drops in inventory in the Puget Sound area and employment statistics. “Fortunately, median prices for King County for January compared to a year ago were more moderate at 4.4%, but the significantly lower inventory resulted in multiple offers last month on many of our listings,” reported O’Leyar, the broker/owner at Berkshire Hathaway HomeServices Signature Properties in Seattle.

Brokers in Kitsap, Pierce and Snohomish counties also commented on January’s vigorous activity.

“Kitsap buyers continue to be frustrated by the lack of inventory and the bidding process of trying to secure a home,” according to Leach, who is not expecting that frustration to ease. “Traffic at open houses across Kitsap remains brisk with many visitors arriving early to get in."

Maybe it is time for you to sell? Buyers should come in flocks... and besides, your dog may soon need a fenced yard.

Call now for a Listing Appointment: 206-755-0300


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