Market Watch for King, Snohomish, & Pierce County
It feels like an early spring market has arrived early this year. Over weekend, we had a busy Open House and sold 2 new construction. More houses are coming on the market and multiple offers are starting to become a regular occurrence. Buyers and Sellers are adjusting to the new norm, with interest rates hovering around 6.5-7%. However, I would like to point out that with new construction, some builders are providing concessions to entice buyers. For example, my clients that just went into contract, received a points buy-down, and we also negotiated a price reduction, and added the staging furniture to the sale.
This month, new listings have remained pretty consistent with around 1300 new properties coming available this week. Price reductions are becoming less common, and homes are selling more swiftly. However, depending on the location and various other factors, buyers may still be able to negotiate for better terms. Hot neighborhood, like the Eastside & parts of Seattle are already experiencing an uptick in competition and multiple offers on homes.
Contingent sales, where a buyer purchases a home contingent on the sale of their own house, are still an option. In fact, there were 67 contingent sales last week. This option might become less available as the market picks up. The number of expired listings is small and decreasing, likely due to limited inventory and faster home sales, evident in the increased numbers of Listings Pending and Listings Sold.
Overall, the real estate market is moving! Continued growth with pent up buyers demand and more new listing are maintaining a healthy market for both buyers and sellers.
