This extraordinary year continues for Puget Sound real estate:
- While September Northwest MLS (NWMLS) data for the region shows a slight increase in new inventory over the same time period last year, closed sales and price increases have slowed.
- The September NWMLS stats also show an 8.7 percent year-over-year increase in active listings for single-family homes in King County. For the same time period, Pierce and Snohomish counties show decreases of 7.54 percent and 12.49 percent respectively.
- As has been the trend this entire year, new inventory is difficult to find. Eager buyers, however, are broadening their searches and staking their claim to properties throughout Puget Sound. The good news for buyers is that traditionally, competition for listings wanes during the fall.
- Seahawks Sundays are back, and buyers are putting their property search on hold while they root for the home team. The good news for determined buyers is it may be the perfect time to attend open houses, become familiar with new listings, or set up appointments to visit homes previously skipped. Go HAWKS!
- For Sellers, low inventory means less competition for attention, and the opportunity for their listing to stand out with those buyers remaining in the market through fall and winter months.
- Heading toward the end of this year, buyers may want to take another look at homes that have been on the market for a while. Getting a home in or near a desired area, while interest rates are low, is an option to consider despite repairs or upgrades that may need to be down.
- Brokers, hey that’s us, are reminding buyers to keep an open mind when evaluation prospective properties as they navigate the competitive market.
If you’re wanting a free cup of coffee or cocoa with a market update – give us a call! We love coffee and talking about what we know best (and other stuff) have a great day! 🙂