The lack of low- to mid-market inventory, combined with a seemingly unlimited supply of voracious buyers are fueling the brisk spring-to-summer Puget Sound market. Sellers continue to be at an advantage, with many finally getting off the fence, listing their homes, and contributing to a slight uptick in listings. The latest statistics from the Northwest MLS show a 6.3 percent increase in the number of listings over the previous month and an almost 6 percent year-over-year increase.
According to a recent report published by U.S. News, steady job gains and the rising number of millennial buyers resulted in U.S. home prices jumping 6.3 percent between February 2017 and February 2018, while simultaneously the number of homes for sale nationwide fell 7 .2 percent from March 2017 to March 2018. Hungry buyers and low inventory have resulted in fierce competition benefiting sellers.
Likewise, an article recently published in The Seattle Times indicates that rapid increases in local job gains have yielded a massive influx of residents into the Seattle metro area. The market has become increasingly aggressive, with homes averaging only 30 days on the market, down from 34 days in March of 2017.
The compounding of these contributing factors has resulted in an excellent seller’s market in the Seattle metro area. Sellers looking to list will find inventory is selling quickly, allowing them to move on and begin their next chapter. As for those homeowners choosing to sit tight, many are considering renovations that will add value to their home should they choose to sell in the future. As you can see, demand is only expected to increase in our region.