Our strong regional economy and the steady influx of new residents continue to fuel local real estate. The most recent Northwest MLS statistics show that median closed-sale prices for single-family homes in March are up year-over-year, with King County seeing an overall 12.9% price increase.
Neighboring counties continue to absorb buyers seeking affordable options (and more space), regardless of commute considerations. Snohomish County single-family home prices increased by 10.4% and Pierce County by 11.3%.
As we enter the time of year when sellers traditionally decide to list, our region is thirsty for new housing inventory. Price increases and inventory shortages are also affecting areas outside of the tri-county area. Thurston and Kitsap counties are now experiencing an increase in buyer interest.
There’s been a slight uptick in the number of active listings month-over-month in most areas, but it’s also apparent these listings are quickly being snapped up by buyers. Despite price increases, most listings sell within the first 30 days. Overall statistics show a notable reduction in days on the market, in particular for condo units.
Even as homes move quickly from listed to sold, brokers caution against overpricing. They advise that properly priced homes in good condition are the ones that sell quickly, while overpriced homes may languish on the market. Today’s savvy and persistent buyers may consider passing on an overpriced home even at the risk of extending their home search by weeks or even months.
As summer nears, the traditional time to list is fast approaching. While our spring has struggled to warm up, the market appears to just be getting started.