Our clocks have officially sprung forward and you know what else is springing up?! The real estate market! Check out our Real Estate Recap below!
The local market is remaining competitive despite creeping interest rates, low inventory and tax laws that were predicted to slow the market. In fact, the market is even hotter and more competitive than last year. Pending sales show a year-over-year decrease overall but likely due to inventory being down a whopping 12.9%. New listings, closed sales and sales prices are all showing increases in February from the year before.
Snohomish County had the largest price increase in the Puget Sound area at 18.8%. Bringing the countywide median price from $387,250 to $460,000 which is still substantially lower than the $590,000 median price for transactions closing in King County.
Area-wide, there is about 1.4 months of supply. Although both Snohomish and King Counties have less than a month’s supply. For condo’s we are seeing only .88 months of supply and much less than that for King, Snohomish, and Kitsap Counties.
Due this lack of inventory, buyers are re-calculating how far they are willing to commute and the size of home they were hoping for. Some buyers have even resorted to moving across the Puget Sound, creating an influx in foot ferry passengers.
The best way to prepare for a market like this is to pair up with an experienced Realtor! If you are looking to buy or sell a home, contact me today and let’s create a game plan to conquer this real estate market!