IN THE MARKET
A recently released report on real estate activity nationwide shows the Seattle Metro area with 19 of the 25 most competitive neighborhoods in the country.This study took into account price appreciation, days on the market, how many sales were above list price, and other factors. Our region is hot and competition is strong.
The January statistics from the Northwest MLS show that closed-sale prices in King County are up year-over-year 14.8, Snohomish is up 7.2% and Pierce is up 11.7%.
WHAT TO WATCH IN 2018:
Inventory will continue to be the top issue in our market, as homebuilders work to maintain the new construction boom in our region.
Our region’s high-paying job opportunities will keep unemployment low and attract millennials from across the country. Drawn by good jobs and the great quality-of-life, these 30 somethings are starting families and purchasing homes.
According to the US Census, an estimated 1,000 new residents are moving to our area each week. As demand for rentals rise, so will rental prices. Many renters are choosing to purchase homes instead.
Affordability will remain a hot topic. A report released in late 2017 by HSH.com revealed that it takes and annual income of $93,400 to be able to afford monthly payments on the median house in the Seattle Metro area. This is up from around $82,000 the previous year.
Our diverse economy and educated workforce and startup spirit will continue to fuel innovation and strengthen our region in 2018 and the years to come.
I am happy to meet for coffee to discuss the market and how it impacts your real estate goals. We can get a plan in place!
THROUGH THE YEARS
Did you know 2017 interest rates were
some of the lowest in history? The great
news for 2018 is that the current rates
remain at historic lows.
Whether buying or selling, it’s still a great
time to enter the market.