Demand for homes, condos continues to rise

Posted: August 15th, 2012 by Brad

Short supply, favorable financing cited as major factors

Brokers around western Washington reported brisk activity during July with home buyers scrambling to take advantage of attractive financing while encountering shrinking inventory and, in some areas, rising prices.
 
Pending sales jumped more than 17 percent from a year ago, according to new figures from Northwest Multiple Listing Service. Nineteen of the 21 counties in its service area reported double-digit increases in the volume of mutually accepted offers.
 
Prices are also rising in many areas. In King County, which accounted for 40 percent of the single family sales, prices were up 7.2 percent.
 
Northwest MLS statistics show the number of pending sales of single family homes and condos (8,416) nearly matched the number new listings (8,632). Pending sales outpaced new listings in Clark, King, Pierce and Snohomish counties, resulting in inventory shortages and bidding wars in some price ranges.
 
“Counter to the historic yearly pattern of increasing inventory from January to late summer, this year we have seen inventory levels shrink month over month,” observed Joe Spencer, area director for the Northwest Region of Keller Williams. “This pattern of shrinking inventory, historically low interest rates and higher consumer confidence clearly signals that the market is on the rebound,” he added.
 
For more information about how the market is performing in your neighborhood, call us (866) 766.7325 or drop us a line: info@justrealseattle.com.

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