The market ignored the traditional winter slowdown and kept its foot firmly on the accelerator in January. While inventory levels were generally down in December, there was actually an uptick in new listings in King, Pierce, and Snohomish counties last month. Most of those homes sold so quickly they aren’t reflected in the overall total active inventory numbers. Clearly, demand is still very strong which is further confirmed by the fact that year-over-year (YOY) price growth remains well above long-term averages.
The economics of scarcity are driving prices up at an unsustainable pace. What will happen this spring and summer will likely be more of the same. The real estate vortex we’re in of depleted inventory and high prices is real and unrelenting. If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing. Sellers are almost as rare as the dodo bird. Although the number of new listings coming onto the market has kept pace or even exceeded last year’s totals in some areas, new listings are immediately devoured by a plethora of waiting buyers. The situation has buyers asking, “Am I paying too much?” and sellers asking, “Can we ask more?” That answer for both is “Yes,”
EVENTS AND HIGHLIGHTS OF AUGUST
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GEORGE MOORHEAD - Bentley Properties
[email protected]
Direct: 425-236-6777
14205 SE 36th St., Suite 100, Bellevue WA 98006
www.GeorgeMoorhead.com