Seattle Market Update – November 2014

The reason housing prices keep climbing in the Puget Sound region comes down to simple economics: demand is outstripping supply. According to the Census Bureau the Seattle grew by 7.2% last year.  Have you seen the commute times from Everett or Tacoma to Seattle lately?  It is not uncommon for those 30 mile drive to take 90 Minutes! While the city and county grew, the infrastructure, unfortunately, is still the same.
The number of pending sales in the four-county metro area increased nearly 4 percent last month from October 2013, while the number of houses and condos for sale remained unchanged at about 11,580. This is according to a report that the Northwest Multiple Listing Service (NWMLS) issued Wednesday.
We currently have a two month supply of homes in King county. That means that if no new
homes came on the market for two months, we wouldn’t have anything to sell.  Half the homes
that come on the market sell immediately, while the rest take 90 plus days on average.
The bottom line is that your home is worth more today than it was 12 or 24 months ago.  It might very well be as valuable as ever.  We expect the trend to continue into 2015.    If you were waiting for that time to come again, I think it is here!