What does a Balanced Market Mean for Buyers and Sellers? + October 2018 Market Update for King, Pierce, and Kitsap Counties.
Over the last month, we’ve seen the housing market become more “balanced” in the PNW. What does that mean? It means that the skyrocketing price growth has slowed, but the number of listings hitting the market continues to grow. Jumping back to a historically ‘stable’ Real Estate Market, stable is deemed as 4 months inventory. Housing inventory – or how long it would take to sell all homes on the market – sat at 2.83 months (through September 2018) in King County, which is a 78 percent increase over last year. Snohomish (2.18 months), Pierce (2.01 months), and Kitsap (1.93 months) counties all saw increases in inventory as well.
This is great news!
For buyers, it means there are now more options on the market to choose from within your desired price range. Buyers are less wary about making offers on homes since there’s less of a feeling of pressure to submit an offer as soon as a home hits the market (but we will say – if you love a home and you know it’s the perfect fit, go for it!). Another big plus, you most likely aren’t competing against numerous other offers. This being said, ‘pre-inspections’ are less common, and you can include a shortened inspection period to make your offer attractive to the seller. In September the number of single-family homes on the market in King County jumped 68 percent from a year prior, the biggest increase on record dating back to 2000, according to new data.
For sellers, more than even with increased competition it is VERY important to have your home a) priced competitively and b) looking its best. Simply putting a for-sale sign up will not work. Staging, high-end photos/video are a must! For homes ‘sitting,’ the two main contributors are location and price. We know the buyers are out there and the numbers prove it. The fact that we still have more than ½ of the homes listed pending – just shows that the buyers are still out there and purchasing. In Pierce County, there are more pending homes than NEW listings.
In King County, there are 4,247 NEW listings, with a total of 6,587 active listings. There are currently 2,869 PENDING listings and 2,331 closed homes.
Average Price = $729,083
- Seattle Specific: 2538 Homes For Sale (Active), 834 Pending Homes (past 30 days), 812 Homes SOLD (past 30 days), 697 Price Reductions past 7 days!
In Pierce County, there are 1,557 NEW listings, with a total of 2,742 active listings. There are currently 1,612 PENDING listings and 1,367 closed homes.
Average Price = $391,704
- Gig Harbor Specific: 378 Homes For Sale (Active), 112 Pending Homes (past 30 days), 151 Homes SOLD (past 30 days). Average Sales Price in Gig Harbor: $527,480
In Kitsap County, there are 443 NEW listings, with a total of 795 active listings. There are currently 447 PENDING listings and 411 closed homes.
Average Price = $430,098
Completed transactions this past September is up 5.8% from last year in the four-county Puget Sound region (NWMLS). The market is healthy!
Have questions about the market? Whether you’re looking to sell or buy (or both!) we’re happy to help. Pop your questions into the contact box below or give us a call!