News that hits us where we live.
September 8, 2014 | Western Washington housing market stability continues.
What we are seeing now with the market is a moderated growth in appreciation, a normalizing of sales volume, and continued health overall… a balancing and adjusting of a healthy market.
Throughout the Puget Sound area, there is just less than 3.5 months of supply, but that average varies widely among the counties. King County, with only about two months of supply, has the tightest inventory. Four-to-six months of supply is considered a balanced market between buyers and sellers.
We continue to have a shortage of homes for sale in King County - one of the best housing markets in the nation. Fantastic job growth, foreign buyers and very favorable interest rates are all factors in creating a backlog of buyers.
Buyers have to keep a keen eye out for good bargains in areas they have been scouting. Sellers are more in the driver's seat than they were earlier in the year. Buyers are realizing they must act in a timely manner to compete.
The current trend for strong pending activities and solid closed transaction numbers should keep the confidence level steady, Buoyed by low mortgage rates, buyers should remain optimistic about their new home purchases late into 2014.
The balance of 2014 should remain at a slow and steady pace of appreciation, which should help distressed sellers. Sellers should reevaluate the market as they may be surprised at the current values.
The recovering market is also boosting activity for home improvement contractors and subcontractors. Sellers are able to afford to improve their homes prior to marketing them, or buyers are undertaking reasonable remodels shortly after closing.
If you have any real estate related questions or needs, please don't hesitate to give me a call or email. I am never too busy to help!
Sound Realty Group | Keller Williams Seattle Metro | phone: 206.931.6036