2017 is expected to be another big year for housing in the Puget Sound region, as the economy continues to grow and buyers are eager to get into the market before interest rates rise.
According to the latest statistics from the Northwest Multiple Listings Service, pending home sales hit an all-time high for the month of November, with the number of new listings plunging to its lowest level in nearly a year.
This high demand and low inventory led to a 13.2% drop in available single family homes and condominiums, and an 11% increase in prices compared to the same month a year ago.
Prices for single family homes (excluding condos) rose 10.9% from a year ago to $350,500. King County reported the highest median price for single family homes at $550,000 (up 10% year-over-year).
Buyer anxiety over increasing interest rates drove pending sales figures for the four-county area of King, Snohomish, Pierce and Kitsap for November to be the highest since 2005.
Strong sales are anticipated to continue through the end of the year and taper off briefly in January. Springtime is expected to see another flurry of aggressive buyers.
For more in-depth information, read the full article here.