Real Estate Weather Report: It’s Raining Buyers

Reprinted from Mr. Roger’s Report, Autumn 2013 edition

Meadowbrook105thAlthough fall in the Seattle area usually signals a slow-down in real estate transactions, the September downpours did little to detract potential buyers.

House inventory is still low compared to the number of buyers out there. In King County, a home inventory of less than two months is still the norm; well below the 4-6 month level in a balanced housing market.

According to John Deely, Coldwell Banker Bain’s principal managing broker in Seattle, a recently listed home had 25 potential buyers showing up midweek during a brokers open house. Multiple offers are not slowing down. The number of cash buyers has decreased, leaving those with financing a better chance at bidding for their dream home.

Many brokers continue to stress the importance of correctly priced homes. Well priced homes are drawing the most traffic and multiple offers in the first few weeks on the market.

The Northwest Multiple Listing Service compiled September statewide statistics that still amaze:

  • The volume of new listings increased almost 17% compared to a year ago.
  • Pending sales rose 4.6%.
  • Closed sales increased 21.2% year-over-year, from 5,536 to 6,711.
  • Prices on closed sales of single family homes rose 8.2%, condos prices are up 12.3%.

Article adpated from NWMLS.

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Do you receive Mr. Roger’s Report in the mail? Each quarter, I send out a newsletter featuring real estate market conditions and helpful tips and information for home owners, along with a Mr. Roger’s notepad. Interested in being on the mailing list? Email me (rogermorris [at] cbbain [dot] com) or fill out a Contact form (type “Mr. Roger’s Report” into the “Questions or comments” section).

 

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