Lennox's Real Estate Blog

sharing my passion for real estate

February 2013 Market Update

sellers-market

 

 

 

 

 

The Central Puget Sound residential housing market flipped to a seller’s market in February of 2012, for most price ranges and areas throughout the four county area.

Residential investors led the way in creating buyer demand through 2011. Then, in February 2012 we began to see a resurgence of local home buyers, building on the demand of the investors and increasing the need for inventory.

The market has transitioned in favor of the seller. Two key market conditions have contributed to this resurgence of buyers; positive job growth and historically low interest rates. In fact, these conditions have been so strong that we are seeing a surge in sales activity, and an emerging commonality of multiple offer situations. These highly favorable market conditions have cultivated buyer confidence for local home buyers

The surge in sales activity and the restriction of new properties coming on the market, due to underwater sellers and little new construction available, has combined to create a severe lack of inventory. This shortage of homes for sale is prevalent in the price ranges where the majority of sales activity is taking the place, causing prices to rise.

PSRC Graph

Written by Lennox

March 8, 2013 at 12:13 pm

Posted in Uncategorized

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