It’s here! 2018 has officially begun. Can you believe that!? We don’t have the predicted flying cars but you know what was soaring? The Real Estate Market! Check out the December Market Update below!
Historic low inventory was still the case in December with active listings plunging nearly 40% from last year. Regardless of seasonal factors, a normal and balanced inventory has not been seen in several years.
Overall, inventory shrunk 19% for the MLS area, making it the least amount of selection for a month in the last decade. Despite this low inventory, sales remained strong with closings slightly rising from last year. Pending sales of Single Family Homes fell approximately 3% but still outgained new listings coming to the market.
Given the low inventory and many motivated buyers still out there, we are still seeing price increases through the Northwest Multiple Listing Service area. Condo prices have also increased a whopping 28% since last year.
The good news is that as a result of this strong market, homeowners are seeing a substantial increase in property value. This momentum is predicted to continue, undeterred by uncertainty of interest rates and taxes. Aggressive buyer activity is predicted in spring but may have a short-term plateau due to cautious builders who have memories of 2008.
If you’re looking to buy or sell in 2018, the first step should be speaking to an experienced Realtor who can help you navigate your way in this competitive market. You can also stay updated by keep an eye out for our market updates. After all, good ideas are based on good information!