Closed sales were up in October year over year in King, Pierce and Snohomish counties. Northwest MLS stats show both Pierce and Snohomish counties reporting gains in the number of active listings, coinciding with a sustained year-over-year increase in both closed sales and median prices in both counties.
Despite feeling the pressure rising interest rates, buyers are being more selective, doing their homework and are taking more time placing offers. Even with some buyers waiting for the “right” opportunity, according to the NWMLS, half of all new homes that come on the market in our region sell in the first 30 days.
2015 Market Outlook:
– Continued price appreciation, at a healthy pace
– Interest rates rising in the fall
– High demand for new construction
– North Sound and South Sound communities becoming hot markets because of their affordability
– Increase in buyers as a result of recent relaxing of standards for mortgage qualifications will increase buyers and put more pressure on the market
The general message looking to 2015 is in order to maintain market health, more inventory is necessary whether through new construction or more existing homes entering the market. This is a vital component to meeting the needs of our growing region.