News that hits us where we live.
November 2015 | Red Hot Market Will Continue During Holidays
With holidays approaching, we usually expect a slowdown as buyers and sellers shift their attention elsewhere. This year is different.
Today we have one of the best markets we have ever seen for sellers. Buyers are still surging to the market and inventory is low. Owners who are eager to make the next move don't have to wait six months or until spring to act.
October pending sales were up 7.8 percent from a year ago, rising from 8,643 transactions to 9,317. This is the highest October volume in a decade!
Closed sales rose 7 percent from a year ago, increasing from 7,257 to 7,769. Last month's total slipped below 8,000 closings for the first time since April, with inadequate inventory as a possible factor. Selling more homes at a faster rate than we are replenishing supply shows just how good the local real estate market really is.
Prices on October’s closed sales jumped significantly. In King County, the median price for a single family home was $480,000, rising 7.3 percent from the year-ago figure of $447,250. In the condo segment, closed sales rose 13.2 percent, from 990 units to 1,121. Prices surged 16.2 percent, jumping from $228,500 a year ago to last month's median price of $265,500.
Seattle area's home price gains are outpacing the nation's, earning the city No. 1 ranking on a recently released list of the hottest single-family housing markets in the U.S. Strong demand, rising prices, low interest rates and the area's healthy economic conditions are all reasons for the strength.
The housing market continues to benefit from our thriving economy, promising red hot activity this winter compared to years past. Low interest rates and job growth will ratchet up demand as spring approaches and rents continue to rise. Buying a home today is simply a smart decision for those who have the ability and resources to do so.