Based 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?
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!