The increased amount of viewership of listings on Realtor.com in January 2019 shows that Buyer interest is absolutely heightened in January around the Puget Sound more than any place due to the limited inventory and the shear amount new jobs being created in our marketplace. This trend shows there is no better time to list a property than now, when the Buyers are actively looking.
“December 2019 stats show that we are creeping in on the highs we saw in 2018 in most areas and in several other areas prices have already surpassed the previous year. Inventory is now below 1 month which means if there weren’t anymore listings coming on the market there would be nothing to buy in 4 weeks. December 2019 Pendings were up 11% over last December and it appears that momentum is going to carry into a very busy January 2020. Sellers are in an great position right now and those listings that are positioned correctly (Price/Condition) are once again looking at multiple offers.”
– Inventory across the NWMLS at the end of December was down 31% from last December.
– Inventory in King County was down 38.8% (Condo and Residential Combined) while Single family was down 41.1%. Currently sitting at 0.9 Months across King, Kitsap, Snohomish and Pierce counties.
– Median Prices across the Puget Sound (4 Counties- King, Kitsap, Snohomish and Pierce) were up 10% while King county rose 3%. This is primarily due to much more New Construction up North and down South.
– Closed sales across the NWMLS in December were up 11% from last December.
– King County is starting to see Multi-Million-dollar sales being purchased with cash at a much higher rate than the previous couple years.
– Rental Properties are very tight as anything New is being reserved prior to being finished.
– Opportunities for Buyers prior to the Spring market are starting to dwindle and Sellers waiting for the Spring market may see an inordinate amount of competition.
– January 2020 may turn out to be the start of the New Spring Market!