In the final months of this year, the Puget Sound real estate market shows no signs of taking a holiday.
Low inventory continues to drive real estate in the Puget Sound region, with scarce listings leading to rising home values in all areas and at every price point. In King County, single-family home prices are up by 16.l percent year-over-year, in Pierce County by 14.25 percent and in Snohomish County by 13.92 percent according to the most recent Northwest MLS statistics.
Brokers report multiple offers are still the norm, but they are seeing an overall decrease in the number of buyers participating in multiple-offer situations. Reasons for this include buyer fatigue, the typical seasonal slowdown and the quality of listings currently available.
The frenetic feeling from earlier this year has somewhat subsided, and for those sellers whose listings have lingered without selling, price reductions may give buyers still in the market some hope of landing in a new home before the end of the year.
It remains to be seen how Amazon’s recent announcement regarding its search for a second headquarters (HQ2) will affect our local market. According to The Seattle Times, real estate analysts say, “Amazon topping out here and growing elsewhere could slow bidding wars for homes, as well as the influx of new-comers driving up rents.” One scenario has high-wage earners attracted to our region choosing to continue as renters until Amazon makes its HQ2 selection. Once a new location is known, they’ll then make a decision to relocate to wherever the new headquarters will be established or pick up their home search again here in our area, in hopes that others decide to relocate.
The next couple of months may be an ideal time of year for new home buyers to try out the market. While there may not be listings that currently meet the needs of eager house hunters, it’s a great time to survey the existing inventory and get prepared to make a move in the new year.