August of 2016 saw a 12.2% gain in the number of homes that went pending (11,898 pending homes) over August 2015 in the Puget Sound region.
There were 11,411 new listings in August! At the end of the month there were only 18,336 active listings. This is a decrease in 11.6% over August just one year ago! Things are NOT slowing down, but the number of new listings is likely to keep decreasing over the next 5 months until things pick back up in the spring.
If you are interested in finding a new home, your best time to look is RIGHT NOW. There will be the most homes to choose from and the least number of buyers. “We expect median prices to continue to increase, and likely at an accelerated pace through the fall,” said Mike Grady, president and COO at Coldwell Banker Bain. He attributes the anticipated increase to shrinking inventories.
“Buyers in the Seattle area are plentiful in all price ranges, but the entry-level housing demand continues to be the highest,” reported John Deely, principal managing broker at Coldwell Banker Bain. As an example, he said a recent open house for a condo listing in the South Lake Union area drew more than 100 visitors in a single day. Tech workers continue to dominate the primary buyer demographic, he said, adding that a significant number of their parents are relocating here to purchase properties close to their children.
So if you are thinking about buying a new home, now is the time. If you are thinking about selling your home, now is a great time!