April Market Update 2019
I’m excited about what I’m seeing in the market, not just for home sellers, but for home buyers as well.
For years, home buyers have been the underdog in the fight with a low selection of housing inventory to choose from, multiple-offer competition everywhere they turned and have had to settle for anything that hit the market, all while throwing contingencies out the window such as inspections. It was fierce and the weak-willed didn’t survive. It was a market driven on emotion and the will to fight to win for years and less on analysis. It was what you had to do in the market. Our spring market brought new listings and new sales, and the sellers who have properly prepped their homes for market have seen great response and multiple-offer scenarios are still a topic for those that are priced and marketed effectively. The flip side is that buyers are seeing much more inventory, and thus are able to be more selective and rational in their search and selection phases. Negotiations are more even-keeled and balanced with inclusion of inspection contingencies and even, in some markets and price ranges, buyers are getting concessions – closing costs paid for by the sellers, and more. I made this happen through negotiations on two recent buyer-represented sales in fact.
Some quick stats I pulled from the Multiple Listing Service (NWMLS) database for those of you who are analytical:
- In April of 2019, NWMLS members added 11,697 new listings to the inventory which lead to a 3.8% year-over-year increase of listings (and selection for buyers) from the same month of April in 2018.
- We have several counties showing double-digit increases in inventory with King County, the healthiest increase, showing a whopping 78.5% increase. That’s fairly impressive!
- For pending sales only King County had double-digit increase at 15.5% jump from last year for mutually accepted offers. Buyers are out there and are seeking and finding their properties!
Now in the pre-summer phase of the housing cycle we are seeing more inventory and more competition. We have had a strong economy, positive job growth for months and low interest rates which place more people in a comfortable position to become home owners and move-up home buyers.Market Update To summarize, we are trending away from the seller dominated marketplace toward a more balanced market that will benefit both sellers and buyers.
If the right thing for you and your family is to purchase a home or sell your current one this year, get in touch with our team today and let us help you reach your goals!