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2017 Year End Real Estate News

January 6, 2018

Kitchen01internet

 

The most recent 2017 year-end report released this week by the NWMLS headlined with the breaking news “Exceptionally low inventory slows year-end home sales, contributes to steep price hike around the Greater Seattle regions”.

For the many home-buyers out there this is not “new” news.   The current real estate market is a tough one for buyers and an exceptional market for sellers.  It is a supply and demand thing.

The chart below shows the raw data for King County collected for year-end 2017.  There are valuable data points for buyers currently considering a home purchase as they look for a home and prepare to make an offer in King Co.

  •  Listing inventory is down 16.2% from a year ago.
  •  Sellers on average received 103.3% of their asking price.
  •  The average days a home remains on the market is 23 days.

For seller’s that are considering selling anytime in the near future the metrics described above should be of interest.   In addition, consider the supply of housing:

  • In King County, there is (.06) or less than 1 month of inventory so buyer demand is extremely high right now.

Buyers are receiving a multitude of strategies to “win” in multiple offer situations.  There is not a textbook equation or template.  Each offer made should take into consideration many variables.  Primarily the seller’s needs and motivation.

For sellers, there is a proven methodology to capture the dynamic nature of the market.  Within that template, the price is still the #1 variable to get right before listing.

 

King County

The Northwest Multiple Listing Service is owned and made up of approximately 2,200 member offices.  These real estate offices include more than 26,000 real estate professionals.  It is the largest full-service MLS in the Northwest serving over 23 counties.

This cooperative of professionals is the primary source for data regarding the local real estate activity because many of the homes sold at some point become listed or involve a real estate agent.

For more information about the current real estate market and strategies to be successful in the market contact:

Maureen Nolan

206-200-9849 | maureen@lakeshorerealtywest.com | www.lakeshorerealtywest.com

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