The NWMLS May Market Update is set to be released today at NorthwestMLS.com. It’s baseball season, and we’re excited about the Mariner’s success. The real estate market is just as hot. In fact, we’re calling it a grand slam market this month because of the fast-pace at which homes are selling and how many buyers are now into extra innings in their game plan of finding a home. Lennox Scott, chairman and CEO of John L. Scott Real Estate explains:
“April was another grand slam month for housing. We are still seeing 80% of the homes coming on the market sell within the first 30 days. For the central Puget Sound market area, the median home price is above the historical norm, and presents empirical evidence of just how strong the market is. We will continue to see price appreciation and a shortage of supply through the summer. Buyers need to have all the bases covered in this grand slam market in order to win a home.
There’s good news and bad news for homebuyers. More listing come on the market on a monthly basis starting in March, but the market is more intense than a year ago. Buyers still struggling to find a home in this market are starting to feel the toll of extra innings.
The number of active listings available for sale is down in all counties. We’re selling virtually all of the new listings, many with multiple offers, in all the market areas of King, Snohomish, Pierce and Kitsap Counties in the price ranges where 90 percent of the sales activity is happening. Heavy open house traffic and multiple offer situations are keeping brokers extremely busy.”
April 2016 Market Characteristics:
- Sellers: position your home to get premium pricing.
- Buyers: need to be Buyer-Ready, Day-One™ to get a home in today’s market.
- The market continues to be more intense than during the same time in year 2015.
- Sales activity in King County is lower than a year ago but April 2015 was the best April on record. If we had more homes for sale we would have had more sales activity.
- There’s a severe shortage of homes for sale close to job centers. We are virtually sold out, and each new property on the market is getting instant action and most of the time multiple offers.
- More new listings will lead to a higher level of sales activity.
- Prices are increasing in the price ranges and the market areas where 90 percent of the sales activity is taking place, leading to premium pricing for sellers in those areas.
- Interest rates continue to be in the upper threes.
- Multiple offer everything
- More new listings come on market from March through October than November through February.
- More selection but also more intense.
Kellee Bradley is with John L.Scott Real Estate and can be reached at 425-210-7677.