I've sifted through October's closing statistics to give you an update of the housing market in your area.
Home Sales & Prices still Climb but we are Expecting a Slowdown
Well, pre-election jitters are over and President-Elect Trump will be heading to the White House in January. If you are pleased with the outcome then congratulations. If you were less than pleased with election results and are planning a move to Canada I have good news; I can sell your home for top dollar in very little time!
Home purchases out-gained new listings again in October, fueling competition for scarce inventory and pushing prices higher but we still expect some seasonal slowdown. The number of new homes listed on the market was the slowest since last January but compared to October of last year there was a 10.1 percent increase in homes sold.
Its still a sellers market. Unfortunately for buyers who were hoping to have more homes to choose from this fall, listings in October fell to levels we havent seen since the 1990s and at this point, we probably wont see any sizable increase in inventory until the spring at the earliest. New construction projects are happening but are slow going due to the lack of available land. Snohomish County has seen its inventory plunge more than 20 percent from a year ago. There is 1.3 months supply of inventory where 6 months would be considered balanced.
The further we move into November, the more well start feeling the typical seasonal drop when new listings coming on the market decline by 50 percent on a monthly basis compared to spring and summer months. Were heading into winter with a repeat of last years conditions: low inventory, a backlog of buyers, and historically low interest rates.
Prices continue to appreciate. In the Puget Sound, Single Family home prices increased 9.2 percent from a year ago.
Solid local economic indicators and the Federal Reserves decision last week to hold off on increasing interest rates is a signal for a good time for home buyers and sellers to make a move. In this interesting time, it is essential to work close with your well-qualified broker as pricing a home appropriately to earn top dollar while meeting appraisal expectations can be tricky and those who want to buy a home need to be have an agent who is diligent and creative.
As always, if anyone you know needs real estate information or services I'm at my desk working all week! I hope to hear from you soon!