Housing Market Heats Up

Posted: March 7th, 2012 by Brad

According to statistics released Monday by the Northwest Multiple Listing Service, Seattle median home prices rose three percent year-over-year.

Buyers have fewer homes to consider as the total number of houses and condos on the market last month decreased by 32 percent in King County and by 38 percent in Seattle from February 2011, according to the listing service. There haven’t been this few homes listed for sale in any February since 2006.

A couple reasons prospective sellers are holding out:
1. Perception their home may be difficult to sell
2. Lack of equity to sell

Nationally, the overall direction for the housing market is positive, according to analysts with the National Association of Realtors (NAR). Its latest figures show the past few months of contract activity are the highest in more than four years outside of the federal home buyer tax credit impact. In comments accompanying the latest figures, NAR suggested the market isn’t as strong as it could be because of overly restrictive lending standards and contract cancellations due in part to appraised values coming in below a negotiated price.
Sources: Northwest Multiple Listing Service; Seattle Times

Curious about what the market is doing in your neighborhood or how you can get top dollar for your home? Call us (866) 766.7325.

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