Market Watch for King, Snohomish, & Pierce County
Are we heading into an early Spring market this year? It seems likely as market activity is on the rise, and more houses are hitting the market.
This week, we've seen a boost in new listings, with a total of 823 new properties available. Price reductions are becoming less common, and homes are selling more swiftly. However, the current time remains favorable for negotiations and better terms, but this may change as the market gains momentum.
Contingent sales, where a buyer purchases a home contingent on the sale of their own house, are still an option. In fact, there were 29 contingent sales last week. This option might become less available as the market picks up. The number of expired listings is small and decreasing, likely due to limited inventory and faster home sales, evident in the increased numbers of Listings Pending and Listings Sold.
Overall, the new year has started positively with more new listings and a return of buyers. With interest rates below 7%, and hopes for three rate drops from the feds this year, the market remains healthy for both buyers and sellers. Expectations are high for continued growth in the new year.
