In the Multiple Listing Service report released last week, an industry veteran forecast that Western Washington is set up for “a spring market to remember.” Before the daffodils even began to pop up, our February numbers show that closed sales were up 9% from a year ago and median home prices increased 13%. Housing continues on its road to recovery.
These early spring numbers reflect the positive side of our current real estate market. OB Jacobi, president of Windermere, explains that while anxious buyers seeking to take advantage of low interest rates drove this activity, many were left empty handed. There are simply not enough “for sale” signs up to meet market demand. “The supply of homes for sale is at its lowest level since May 2005, during the peak of the housing boom,” OB explains. “The impact of low inventory levels is stiff competition among buyers, often resulting in homes selling for well over asking price.”
Now is the time to research your options, if you’ve been waiting for the right time to sell. This MLS report has the latest, helpful information about our area, plus I’d be happy to do a complimentary market analysis of your home and property. Current and accurate information is key to benefiting from this market, and perhaps making it a spring to remember at your house!