News that hits us where we live.
October 2014 | Home Sales Stay Strong
Pending sales of homes around Western Washington surged more than 13 percent in September compared to a year ago.
Along with increases in the number of mutually accepted offers, the latest reports show year-over-year gains in the number of closed sales (up 4.6%) and prices (up 2.5%). Inventory in Western Washington declined slightly (just under 1.2%).
September saw 8,878 new listings added to inventory (359 more than a year ago), but offers were made on nearly the same number of homes (8,875), so supply remains tight in many areas. Supply (months of inventory) remained below the 4-6 month level that many industry experts say reflects a balanced market. In King County, there is only about 2.3 months of inventory.
Even though the market has picked up, it is still important to price your home at or close to market value. Otherwise buyers move on to purchase another home. We are seeing a trend of buyers who are much more discriminating about what they buy. Despite not having a lot of choices, buyers are willing to step aside from a transaction after an inspection if the home is not perfect.
Experts predict the Greater Puget Sound real estate market will maintain a "healthy glow" in 2015 so long as there is no radical increase in interest rates. However, they do foresee a general leveling off in overall market activity as prices approach the affordability ceiling for many buyers.
As we head into the fall, we expect sales to remain strong - and market conditions are already shaping up for a brisk market starting the first of the year.
By Charles Burnett | Sound Realty Group