March Puget Sound Real Estate Market Update
March 13, 2017 | Fred Hubbard
Here’s what’s happening in the
Puget Sound Real Estate Market
For the last few months the narrative behind the Puget Sound Real Estate Market has essentially remained the same.
Inventory was low and Real Estate prices were on the rise.
That hasn’t changed, yet.
Home values did rise in Kitsap county the average sales price rose by 8.9%, in Pierce county 11.1% and King county 13.0%, compared to this time last year.
Inventory levels shrank to extremely low levels with just 17,309 total homes listed on the Northwest MLS.
That is the lowest the inventory levels have been since 2004.
In February, the months supply was:
2.3 months in Kitsap County ,
2.1 months in Pierce County,
1.3 months in King County
Down 17.9%% in Kitsap County, 27.6% in Pierce County, and 18.8% in King County
Rising prices and low inventory levels are still leaving lots of buyers without options.
Putting their best offers out and getting denied sometimes multiple times, is never fun.
Yes, we are still finding homes for buyers but we have had to start to get creative… and fast.
The average days on market:
45 days in Kitsap County
44 days in Pierce County
32 days in King County
Kitsap was down 21.1%, Pierce was down 21.4% and King was down 8.6% when compared to last years average days on market in February .
While some of the buyers who held out might have got lucky, some just settled for cheaper houses according to the latest NWMLS Market Update.
While others just threw in the towel and looked for a place to rent.
The buyers who are giving up their home buying search, didn’t find much relief with rentals in the Puget Sound either.
With the fast ferry approaching, and an increased interest from real estate investors, I think we will see a small up tick in inventory this spring.
My thoughts are that supply will catch up with demand as the interest in Real Estate investing grows.
Developers and Re-habers still have access to low cost capital.
Hot markets attract money and ideas. Depending on how they are used.
Market course correction can be beautiful or ugly.
When do you think we’ll see the market shift?