Our market is just as hot as our fabulous Puget Sound summer weather.
The most recent stats from the Northwest MLS show that an encouraging number of sellers got off the fence and decided to list their homes for sale this summer. Brokers are reporting that the pace of sales is slowing as some buyers plan to take a break for the late summer. This may bring a bit of breathing room to those hopeful buyers who remain.
Brokers note that many tech workers are continuing to look beyond King County, as condos closer into Seattle are becoming increasingly scarce. Pierce and Snohomish County builders and sellers have seemingly anticipated this and spurred a slight uptick in new condominium listings for June.
New listings for single-family homes were up year-over-year for King, Pierce, and Snohomish counties. Even with all the new homes entering the market, total active listings were down in all areas compared with last year. Our region’s strong job market continues to draw more residents looking to buy than it has housing to sell.
Prices continue their upward trend, with the Northwest MLS reporting single-family home prices increasing by 13.86 percent in King County, 11.54 percent in Pierce County and nearly 14 percent in Snohomish County in June compared with the same month last year.
Brokers note that it’s still common for listings to have an offer accepted within 30 days, but they caution that listings need to be properly priced and in good condition to attract the most eager and qualified buyers.