Ideal Conditions for a Seller’s Market

Posted: April 10th, 2014 by Brad

Northwest Multiple Listing Service (MLS) brokers reported 507 fewer pending sales during February than the same month in 2013, but members opine the 6.5 percent decline isn’t due to a shortage of buyers.
 
“We just don’t have quite enough homes on the market to meet current demand,” Keller Williams’ Brad Davis said. “Nearly 20 percent of Western Washington homeowners are still under water, and so many homeowners refinanced at historically low rates. Also, a number of move-up buyers purchased and rented out their pervious home instead of selling it. I believe these factors are the largest contributors to our current market conditions still shy of inventory.”
 
The smaller selection is resulting in bidding wars for well-priced homes in some neighborhoods. Multiple offer situations are common in local markets with less than four months of inventory.
 
Statistics from Northwest MLS show supplies, as measured by months of inventory, improved slightly from a year ago, rising from 4.3 months to almost 4.6 months. The tightest selection is in King County, with less than 2.6 months of supply, and Snohomish County, with 3.2 months.

Mike Gain, a past chairman of the MLS board, says now is “a perfect time for move up sellers and buyers,” adding normalcy is finally returning to residential real estate, and the Seattle area continues to be an attractive destination for relocating families and investors. “Homeownership is still very important to most people,” he noted, citing various research. “With rents continuing to rise, it makes buying a home today a very smart decision.”

While the small number of homes on the market has buyers understandably frustrated, there is a silver lining.

“We are on a clear and healthy path of recovery and home values are expected to continue to rise,” Gain said.

Curious about current market conditions in your neighborhood or what you’re home is worth? Give us a call 866.766.7325.

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