Real Estate Roundup
The uncertainties of the winter market have given way to an early kickoff to the spring buying season.
● Open house activity is high, with brokers reporting brisk, energetic traffic.
● There’s plenty of pent-up demand from buyers who have acclimated to current rates. These buyers are willing to brave today’s market conditions and wait for a chance to refinance in the future.
● Inventory continues to rise in some areas, while remaining tight in many new homebuyer price ranges.
● Multiple offers are happening more frequently for properly priced properties in good condition. As a result, many markets are seeing the return of tools such as the escalation clause, to assist buyers in getting their offer accepted.
● In more balanced areas of our region some sellers are making concessions. In other areas where inventory is tight, sellers are choosing to wait until later in the year to list, in hopes of a more desirable price.
● Most recent NWMLS stats for median closed sale prices for single-family homes show prices down slightly in most areas when compared to last year. In King County up by 0.79%, in Snohomish County down -2.24%, in Pierce County down almost -1.44%, and down in Thurston County by -1.03%. In Spokane County prices are down -1.3% (Spokane Association of Realtors).
As we move deeper into spring, we look forward to seeing how the market blooms.
