While rising mortgage rates, inventory, and other market factors have added another layer of complexity to the homebuying process, leaving some feeling unsure and even a little cloudy headed. Savvy and determined buyers are adjusting their goals and finding a way to remain in the hunt.
According to a national home price report, the Seattle-area real estate market has been the hottest in the country for a consecutive 18 months. The fact that the market has remained at a steady boil and has set records can be attributed to our thriving economy and plenty of desirable employment prospects continuing to attract new residents to our region.
In fact, a recent article in The Seattle Times reports that “Seattle is the only metro area outside of the Sunbelt that had more people move in from other parts of the country than move away.” New census data shows that among the country’s 15 largest metro areas, just five areas had an increase in net domestic migration (people moving in from within the U.S.). Seattle came in at No. 5 with more than 21,000 new residents from 2016 to 2017, behind Dallas, Phoenix, Atlanta, and Riverside, California.
Given this steady stream of new residents, inventory remains the main story for our local market. The most recent stats from the Northwest MLS show a heartening uptick in the number of listings throughout our region month-over-month, as well as year-over-year for the same time period. It seems that more sellers are finally deciding to make a move.
The most recent sales statistics from the Northwest MLS also show that closedsales prices for single-family homes continue to rise. Prices are again up yearover-year in King County by 15 percent, while in Snohomish County, prices are up by 11. 76 percent and in Pierce County by 18.63 percent.
SOURCE: Coldwell Banker Bain