Market Update

Although the holiday period is usually slow for home sales, November activity this year was up 13.6% from November of last year, for the city of Seattle. For the 21 counties that encompass the Northwest Multiple Listing, activity was up 3% over last year. And for the four Puget Sound region counties (King, Kitsap, Pierce and Snohomish) the total of 5,220 pending sales marked the highest level for November since 2006

Lack of supply continues to be the norm for the Puget Sound area, with inventory stagnant in Seattle at 1.4 months). And that number goes much lower for high demand neighborhoods such as Phinney Ridge (less than 1 week), Wedgewood (3 weeks), Magnolia (1.1 weeks), and Capitol Hill (3 weeks).

The average sales price in Seattle was up 14.6% over last year and 2.4% from October.

And interest rates remain below 4% – there is no better time to buy.

If you’d like a report for your neighborhood, please give me a call or email.