In the wake of an historically hot 2017, we’re already seeing the signs of another fast-paced year. The Puget Sound region is bursting at the seams with people moving into the area, while the inventory of homes for sale struggles to keep pace.
The latest statistics from the Northwest MLS show closed-sales prices for singlefamily homes are again up year-over-year in King County by a stunning 19.69 percent, while in Snohomish County, prices are up by a still-impressive 9.76 percent and in Pierce County by 15.9 percent.
We now know that Amazon HQ2 will not be located in Washington state. Some are disappointed and speculating that this might start a trend of companies choosing to locate their main offices or expansion offices in more affordable cities. Others believe this may take some pressure off our local market and slow price increases, although the effect may not be felt for years into the future.
After increases at a slow burn over the last couple of years, mortgage rates are now more noticeably on the rise. Rates are still low enough that qualified buyers remain in a good position to buy a home. Sellers looking to buy a move-up home will also still be able to take advantage of historically low rates even as they climb above 4 percent this year.
Overall, the backlog of demand for homes remains high, and it’s a great time for sellers to maximize their return.
We know that there’s no better place to live than right here in the Puget Sound area, and we look forward to another exciting year for our local market.