Buy, Sell or Hold? 2013 Puget Sound Real Estate Market Outlook

Real Estate Outlook 2013Based upon the latest data from multiple sources, the Real Estate outlook for 2013 in the greater Puget Sound area is indicating a seller’s market is underway. A similar market outlook is predicted for other West Coast cities including Portland, San Francisco, Los Angeles, and San Diego. Compared to a just a year ago, price per square foot and list prices are rising, while inventory and days on the market has dropped. So should I buy, sell, or hold?

Inventory:

At this time last year, there were approximately 2000 properties available for purchase, while currently there are only approximately 1200 active properties on the market. This represents a 40% decrease inventory over the same time last year. What this means is supply of available properties has dramatically decreased; which has consequently greatly increased the demand or competition for the properties left that are avaiable for purchase in the local Puget Sound market.

Washington Mortgage Rates:

Current mortgage rates in Washington are hovering around 3.3% for a 30-year fixed rate note, which is consistent with the current national average. At this time last year, rates for a 30-year fixed-rate mortgage were approximately 4.3%, which is around 25% higher than they are today.

Median Days on the Market and Median Listing Price:

The median number of days a property is on the market before selling is currently around 30 days.  A year ago this number was approximately 50 days, a 35% decrease in the median number of days a property stays on the market before selling. Currently the median list price for properties is just under $430,000 – a 25% increase from this time last year when the median list price was around $350,000.

Other Data of Note:

- New construction in 2008 was 2200 homes – now fewer than 600

- Both locally and nationally property inventories lowest since 1999

- Number of distressed homes lowest since 2009 – down 65% from 2 years ago

Knowing these key data statistics can help you make informed real estate purchase and sales decisions. Based on these numbers, it appears we are trending toward a seller’s market. So if you are considering selling your home – now may be the time, and if you are looking to purchase a home – you may wish to start looking sooner rather than later.

SASH Realty, the full-service brokerage arm of SASH Senior Home Sale Services, can assist you with the purchase or sale of any kind of real estate: Residential homes, condos, farms and acreage, investment properties, and even commercial properties. We’ll use our extensive experience to guide you through each step!

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