Real Estate Roundup YOUR PULSE on the market | 9.2019 Temperatures are starting to cool off, and the housing market is following suit. This means that homebuying has become less competitive for homebuyers, making the offer game a lot more easygoing.
•
•
As the summer comes to an end, mortgage applications continue at a steadily increasing pace and rates remain at historic lows. Experts predict this may positively impact home sales during what’s left of this amazing year for our local market. Meanwhile, buyers with more selection and more breathing room are taking time to broaden their search areas. Cities in south King County, Pierce County and also Kitsap County are attracting attention and becoming hot spots. Kitsap County is seeing a significant increase in interest, with many buyers citing its affordability, upward -trending economy and in some cases, a quicker commute to the Seattle area. Home prices for Kitsap and farther north in Skagit County have ticked upward.
•
•
The latest statistics released by the Northwest MLS show a 5- to7-percent increase in single-family home prices over the last year. Inventory for most counties is at or below two months. In particular, Pierce County showed 1.3 months of inventory for the month of July, and Thurston County has had less than a month. Overall, Seattle-area single-family home prices have fluctuated over the last few months. At the beginning of the summer, prices seemed to steadily increase but then flattened, and we’re seeing a slight decrease as we near the end of summer. This slowing trend appears to be consistent around the nation. As fall approaches, the market is expected to see less activity than in our summer months, but compared to the rest of the nation, the Seattle area continues to thrive.