2018 came to a close with buyers having more options than they have had in a long time. The number of active listings were up significantly from a year ago. After years of few homes to choose from, buyers who bought at the end of 2018 had far less competition.
Sellers faced with the reality of lowered prices and the need to accept offers with contingencies. For years buyers have been taking risks and waiving contingencies to compete. Another positive factor for buyers is a decline in interest rates and the expectation that the rates will remain low.
This January and February, despite the snow, there was an uptick in the market. Open house activity was robust and we were starting to see multiple offers again in Seattle. They rebounded from December’s lull.
In February, the number of active listings (houses) in King County increased over 93% compared to February 2018. This increase includes the listings that had been on the market for a while, as well as new listings. King County residential median home prices are 1.7% higher than February 2018 at $651,000.
The move towards a more balanced market will moderate appreciation of home values.
What this means for Sellers: The increased competition of homes on the market will continue the need for sellers to properly prepare and state their homes for market, pay attention to the asking price and be patient when it comes to market time.
I am here to help you navigate the changes in our current market. Give me a call or email!