Eye on the Market (November 2013)
As is typical with this time of year, the latest closing figures are a reminder that the housing market is striving to find a “new normal” after whirlwind activity during the spring and summer.
While still the best fall season since 2006, a few factors, including unique challenges facing lenders and persistent inventory shortages in some areas, continue to make us curious about what our normal market will look like long term.
According to the Northwest Multiple Listing Service, both pending and closed sales continue to outgain the same period a year ago, and year-to-date prices for homes and condos across Western Washington are up 12% from this time last year.
Buyers remain motivated to capitalize on the current interest rates and well-priced homes are still drawing offers within the first few weeks of being listed. Sellers also recognize that now is an opportune time to sell with tighter than normal inventory. Many are also in positive equity situations for the first time in years and plan on taking the next steps to list their home before the end of the year.
Smart recovery remains the goal for all of us in the real estate industry. After all, HOME is where our legacy begins.