At Windermere Real Estate, we’re fortunate to have Matthew Gardner, considered by many to be the foremost real estate analyst in the Pacific Northwest, offer his quarterly analysis of the Western Washington real estate market. His fourth quarter 2012 report just released confirms the positive momentum that we’re seeing in our area, and forecasts that 2013 will be another year in which our regional economy outperforms the nation as a whole. The Puget Sound region and our Eastside locale is the place to live!
This outlook, grounded in the fact that the home price growth rate in King County last year was 20.3%, accounts for the increased activity in our local market when the national budget sequester dominates our news. Mr. Gardner shows the numbers that prove his statement “Home values have stabilized and a recovery in values is underway. The credit markets have thawed and getting a mortgage is easier now than it has been since the housing ‘bubble’ exploded.”
His report closed with the one caveat that we all know too well right now – there remains a low inventory of homes for sale, and an increase is needed to sustain the housing recovery. Seattle only had 1.9 months worth of homes on the market in January, at the current sales pace, while King County had 2.2 months worth of homes, according to the Northwest Multiple Listing Service. That's down from 4.2 months and 5.2 months, respectively, from a year earlier.
If you would like to learn the current value of your home and how you can benefit from this positive seller’s market, please call. I am committed to ensuring that your investment in your home pays off.