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November 2014 | Puget Sound Real Estate Update
The newest reports summarizing October sales activity show year-over-year gains in new listings, pending sales, closed sales and prices.
In October, Western Washington saw 8,643 pending sales, which is up nearly 6.9% from twelve months ago which saw 8,086 mutually accepted offers. Most of the increases are from sales of single family homes, which rose more than 7.8 percent while condo activity was flat with less than a 1% rise in sales.
New listings that are coming on the market are receiving a substantially higher than normal sales activity; a backlog of buyers and shortage of homes across the most popular price segments are fueling a strong seller's market.
Sellers who are thinking of putting their homes on the market are well advised to do so now. Although the pace of sales has slowed somewhat since June, demand is steady, with about half of all new listings selling in the first 30 days.
Even with a huger buyer demand, it has never been more important to properly price properties. The main thing sellers are realizing is that buyers have lots of data to base a sound offer on, and there is no "fluff" available when pricing their home for sale.
With the promise of increases in new construction by local builders, a positive economic forecast for the region, and more homeowners surfacing from being "under water" and now able to sell due to increase in appreciation, 2015 is gearing up to be as active (if not more so) as 2014.
For a more detailed analysis, visit our MARKET UPDATE PAGE.
By Charles Burnett | Sound Realty Group