The Puget Sound market remains hot, even as the weather begins to cool. As the school year begins, the current real estate market can be described as active and atypical. Our high quality of living is a big draw for people moving into the area, along with the region’s low unemployment, well-paying jobs, continuing low interest rates, and military relocations.
While home prices actually declined from June to July according to recently released NWMLS numbers, such declines are not unusual for that time of the year. Inventory remains tight, and multiple offers are still common.
Buyers finding themselves priced out of some areas of King County increasingly are turning to communities outside of Seattle for more affordable options. Recently released MLS stats for July show the median closed sales price of a single- family home in Seattle was $485,000 compared with $247,000 in Pierce County and just under $363,000 in Snohomish County.
Many of those looking outside King County are first time buyers, are willing to commute to Seattle, are open to building their careers in communities to the north or south, or just want more home for their money.
For sellers in these outlying areas, now may be a great time to list a home and ride the wave of increasing popularity of South Sound and North Sound real estate. Additionally, they may find affordable move-up buying opportunities in these same communities if sellers are also looking to purchase a home nearby.
As more buyers broaden their search, they may see home prices rise and the occurrence of multiple-offer situations increase in these areas as well. The best bet for those looking to buy anywhere in the Puget Sound area is to have finances in order and ready to act fast.