This week feels a bit like watching a ping pong match in in the real estate market. On the tails of strong seller sentiment last week we find buyers more in the driver’s seat this week with more new listings on the market and fewer pending sales. A little more of this kind of balance does a market good!
Sellers had the upper hand this week with fewer new listings on the market and pending sales depleting much of the existing inventory. This was especially so in Ballard and North Seattle. Several Eastside neighborhoods showed some balance in the $1.5 million range but were otherwise right in tune with Seattle. Expect many new listings to come to market in the two weeks following Memorial Day weekend.
Pending sales ruled the roost this week as buyers enjoyed the many new listings on the market. Some price points stagnated but all-around a very good week for both buyers and sellers.
Market activity was solid this week as buyers had many new listings to choose from. The result was a marked increase in pending sales in this peak market week.
This week’s activity cooled somewhat compared to last week’s marathon. The market is still active to be sure, but more buyers are taking their time to check out their options. Our 1.75 days of gorgeous weather possibly played a role…
Wow, just WOW! Buyers embraced the market in force following last week’s flood of new listings. Prepared to waive everything and give sellers added perks as icing on the cake in hopes of being the lucky bid winner of the home of their dreams, buyers are making some incredulous choices.
Good news for sellers as it pushes the real estate market to new highs. Not so good news for buyers who aren’t willing to give their blood to compete. As for Realtors, we prefer a more balanced market where everyone wins.
We saw an incredible uptick in homes for sale this week and some slowing in the volume of pending sales. That said, we are hearing crazy stories of hot Seattle listings being bid up 20-25%. Be careful out there! Know your limit before you get emotionally attached. Having a savvy Realtor can help you make smart decisions even when the market is bonkers.
Listing supply dwindled with little new listing activity in the Seattle area this Spring Break week. The rain dance worked though! Look for many new listings to come on beginning next week as we enter the peak of the listing season. Photographers, home stagers and other pros tell us they are helping prepare more listings for market in the next two weeks than they’ve seen all year. This will be most welcome news for home buyers everywhere.
Many neighborhoods saw a slight cooling off this week with pending sales lower than the craze of last week. More new listings promised to come to market could ease the pain felt by buyers in this extreme seller’s market. Check out this week’s report neighborhood by neighborhood for details!
This week was beyond eclectic as every neighborhood seemed to beat to its own drum completely oblivious to what was happening next door.
Sales increased this week at many price points in nearly every neighborhood throughout the Seattle-Eastside region. The $2 million and above price point continues to have more supply than demand, but otherwise the market very much favors home sellers.
News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.
This week saw the market shift even more extremely to the seller’s favor as inventory diminished even further (as if that were even possible). Our market continues to lavish sellers with a dream list of terms as buyers scramble to compete for the limited supply of homes for sale.
This week saw a significant uptick in new listing activity in many areas and price points. A sign of things to come? We can only hope!
The market is beginning to wake up from a long winter’s slumber. Will it bring new listings and more balance between buyers and sellers??
Increased pending sales have further diminished the supply of homes for sale-leaving slim pickings for buyers-especially at price points below $1 million in core metro neighborhoods of Seattle and all of Bellevue. Word on the street among local realtors is that many new listings are coming to market next week. While very welcome news to the ravished home shoppers out there, it falls desperately short of the inventory needed in the market to keep us from teetering into the abyss of an unsustainable seller’s market.
Pending sales were up in more than half of the region’s neighborhoods. Diminished inventory of available homes for sale continues to be a huge obstacle for home buyers. With local employers such as Amazon adding more than 110,000 workers, regionally and across the globe, and a shortage of buildable land, it’s no wonder housing supply is so tight.
Opportunity exists for buyers who get to the game early. We are seeing some properties go under contract with few or no competing offers.
This week marked slower sales activity in many areas as many new listings trickle onto the market. Perhaps buyers are playing the wait and see game? With prices expected to rise further this spring, buyers may not want to sit on the sidelines too long.
Fewer new listings this week. Solid sales activity decreases the supply of available homes in most areas. Even the $2 million+ market looks favorable to seller this week.
A lot of new listings this week with pending sales nipping on their heels. Much to the dismay of many potential home buyers, this looks to be an early start to strong seller’s market in 2017.
A frozen start to our new year didn’t seem to dampen home sales.
A very quiet week as we head into the the New Year with school still out on a 2-week winter break throughout the region. See the links below to view more detail for each area.
A very quiet week as we head into the Christmas holiday and school is on a 2-week winter break throughout the region.