It’s Monday! That means it’s time for another look at what’s happening in the real estate market. Last week was a busy week for us, lots of sellers and buyers and great deals coming up, even in what is considered a “sellers market”. This week, I wanted to paint a picture of what is happening outside of King/Snohomish county and include Pierce, Kitsap, Thurston, Island and Skagit counties.
If there is a certain market you are interested in specifically, leave a comment and I will feature that market in the coming weeks or contact me directly with any questions you may have..
If you look at median sale prices of homes in July 2014 vs. July 2013, prices are up from a year ago everywhere except for Skagit county. Snohomish county saw an increase of 10%, a bigger jump than any of the others. With continued job growth, a growing economy, competitive mortgage rates and affordable housing, this will likely keep the market in an upward trajectory. Overall, homes listed for sale are up 12.9% from this time last year and closed sales are up 7.6%.
The graph below demonstrates the amount of homes for sale vs. closed sales. Currently, we are at 2.7 months of inventory when all counties are included in the data. This changes slightly, however, when each county is displayed individually. 2.7 months inventory is still considered well below a “balanced market” and although buyers are still finding themselves in competitive, multiple offer situations, the inventory is slowly improving showing no signs of the bubble experienced before the subsequent crash.
Closed sales fell in July edged up just barely compared to a year earlier in the close-in counties and Kitsap. Thurston saw the biggest sales gain, up 7 percent from last year. Island, Skagit, and Whatcom all saw sales drop from last year’s levels.
According to the Seattle Times, Seattle is the fastest growing city in the US, with a 2.8% increase in population in 2013! Of course, I can see why people would want to move here! Beautiful scenery, a healthy economy, job growth, mild weather…..the list goes on. For homeowners or those interested in buying a home in the Seattle area, there’s no better time to be part of this exciting market!