Shift happens! Local Market Update

Shift happens! We are watching it live and in action! Last year distressed properties made up 25% of active listings, this year it is 17%. Pending sales were 51% distressed homes and this year they comprise only 18% of pended sales .

Fueling the market is better job news, low interest rates, improved consumer confidence, increasing rental rates, spring weather, some positive press and 4 years of pent up demand.

Units pending in NWMLS were second to 2006 numbers. Multiple offers abound! This demand is stabilizing prices in many areas and some neighborhoods are experiencing increasing prices. Some homes that went off market last year and relisted recently have sold quickly.

Holding the market inventory back are homeowners with little or no equity. People who would have been considering a move based on past turnover rates are staying put, and those who do not know the market is turning. Appraisals may be tricky with prices creeping up quickly in areas of little or no inventory.

Although median prices still show an overall decline, in some Several Eastside areas increases were strong, 9 to over 15%. City center areas experienced significant change, 11-31% increases in median price over last year!

Some homeowners may not be aware of the market improvements and the fact that according to Lennox Scott “Close to job centers, 45% of new listings are selling within a single month.”

Pending sales would likely be higher if more inventory was available to anxious and motivated buyers.

Help spread the news – I’m here to help.