Puget Sound Real Estate Market Update-May 2017
May 28, 2017 | Fred Hubbard
Here’s what’s happening in the
Puget Sound Real Estate Market
New data from the Northwest Multiple Listing service shows a slowdown in the number of sales, along with the number new listings.
This has created a frustrating market for buyers, sellers and brokers.
While purchase prices and rental prices continue to rise. Potential home sellers who are looking to upgrade are considering remodeling instead of moving due to the lack of inventory.
Buyers are still caught in multiple offer situations, and with the frustration of getting multiple offers denied, are waiving important contract contingencies.
Months of Supply on the entire Northwest MLS slid back again even further, from last month’s 2.1 months supply to an overall supply of 2.0 months.
With 23% less homes listed for sale on the Northwest MLS then this time last year.
In April, the months supply was:
2.2 months in Kitsap County ; Same as March 2016.
2.0 months in Pierce County; Down .1 from March 2016.
1.2 months in King County; Down .1 from March 2016
Down 18.5% in Kitsap County, 28.6% in Pierce County, and 20% in King County from this time last year
In Kitsap County, a 110 lot subdivision was approved in the West Hills area according to the Kitsap Sun.
The owner of the property, Olympic Property Group, hasn’t set a firm timeline to begin, but also have several other projects to undertake including an Apartment complex on Bainbridge Island and a master plan community located in Gig Harbor.
Hopefully they will build and list more then a couple at a time like other local builders are doing, releasing them slowly to the local buyers while raising prices with each subsequent batch of listings.
The average days on market:
43 days in Kitsap County; down 1 day from last month.
42 days in Pierce County; down 1 day from last month.
32 days in King County; same as last month.
Kitsap was down 21.8%, Pierce was down 20.8% and King was down 8.8% when compared to last years average days on market in March.
Pierce county has drastically increased the number of homes listed at or above 1 million dollars.
According to the Pierce County Assessor records in 1999 only 34 homes in pierce county were valued at or above 1 million dollars according to Tacoma News Tribune Archives.
That is a really small number compared to last year at 715 valued at or above the million dollar mark.
Pierce, King, and Snohomish, all hit record high median home prices.
Seattle specifically doubling in the last five years to a median home price of $700,000.
Western Washington was cited as the “hottest” home market in the nation by the Seattle Times and many other media outlets.
Statewide home prices are rising about twice as fast as the national average.
With the busiest season for home sales just getting underway, I don’t see any relief in sight.