“The real estate market is going absolutely gangbusters,” remarked OB Jacobi, president of Windermere Real Estate. “The remarkably low number of homes for sale can be blamed for the drop in sales,” he emphasized, adding, “The uptick in interest rates at the end of last year has clearly done nothing to slow things down.”
Inventory fell nearly 25 percent from the volume of active listings being offered a year ago. At the end of April, MLS brokers reported 10,679 homes and condos for sale across a 23-county area, which compares to the year-ago selection of 14,235 listings.
Viewed another way, there is only about 1.5 months of supply (about six weeks), which compares to twelve months ago when supply totaled about 1.85 months. (In general, four-to-six months is considered a balanced market.) There has not been more than two months of supply since September 2016.
MLS members continue to struggle to keep pace with demand. Brokers added 10,648 new listings to their database last month, down from 11,939 during April 2016, and they reported 10,514 pending sales. That total was down 893 transactions for a drop of year-over-year drop of 7.8 percent.
Wow, just WOW! Buyers embraced the market in force following last week’s flood of new listings. Prepared to waive everything and give sellers added perks as icing on the cake in hopes of being the lucky bid winner of the home of their dreams, buyers are making some incredulous choices.
Good news for sellers as it pushes the real estate market to new highs. Not so good news for buyers who aren’t willing to give their blood to compete. As for Realtors, we prefer a more balanced market where everyone wins.
Getting into gardening? It’s not too late! Here are some splendid tips to get you started!
We saw an incredible uptick in homes for sale this week and some slowing in the volume of pending sales. That said, we are hearing crazy stories of hot Seattle listings being bid up 20-25%. Be careful out there! Know your limit before you get emotionally attached. Having a savvy Realtor can help you make smart decisions even when the market is bonkers.
The lovely Spring 2017 issue of Windermere Living is now available to read online. The pages of this magazine feature gorgeous homes from across the Western United States and Hawaii. Homes listed by Windermere Mercer Island brokers are displayed on pages 11 – 12, and pages 24 through 31.
Listing supply dwindled with little new listing activity in the Seattle area this Spring Break week. The rain dance worked though! Look for many new listings to come on beginning next week as we enter the peak of the listing season. Photographers, home stagers and other pros tell us they are helping prepare more listings for market in the next two weeks than they’ve seen all year. This will be most welcome news for home buyers everywhere.
We don’t have any open houses to share, but there’s still tons of fun around the region!
Click to view quarterly market reports for Mercer Island,Seattle and The Eastside. Published April 2017. Mercer Island – Caused by a … Continue Reading Q1 2017 Seattle Area Real Estate Report
Click to view the quarterly condo report for Mercer Island, Seattle and the Greater Eastside. Published April 2017 Seattle area … Continue Reading Q1 2017 Seattle Area Condo Report
Many neighborhoods saw a slight cooling off this week with pending sales lower than the craze of last week. More new listings promised to come to market could ease the pain felt by buyers in this extreme seller’s market. Check out this week’s report neighborhood by neighborhood for details!
Northwest Multiple Listing Service brokers expected an uptick in the number of new listings during March, and that expectation was met with a significant gain – up more than 50 percent from February. Members added 10,321 new listings last month, but they also reported an even greater number of pending sales (10,447), leaving inventory near historic lows.
This week was beyond eclectic as every neighborhood seemed to beat to its own drum completely oblivious to what was happening next door.
Sales increased this week at many price points in nearly every neighborhood throughout the Seattle-Eastside region. The $2 million and above price point continues to have more supply than demand, but otherwise the market very much favors home sellers.
News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.
It’s cold outside… and rainy. But that shouldn’t stop your fun! Though the rain is expected to die down by Sunday, it plans on picking back up again throughout next week – just in time to welcome Spring! So, I thought this would be a great time to bring out some updated tips for home maintenance during the raining season!
Here are some tips for completing home check ups in the rain!
This week saw the market shift even more extremely to the seller’s favor as inventory diminished even further (as if that were even possible). Our market continues to lavish sellers with a dream list of terms as buyers scramble to compete for the limited supply of homes for sale.