By Greg Perry
While not exactly a lamb, 2012 came in looking promising and is finishing like a LION! Pending Sales are up, inventory is low and home prices are GOING UP!
If you have been waiting the market out to make a change and you're thinking this may be the year to sell, give me a call!
- PENDING SALES UP! The Northwest Multiple Listing Service reported Pending sales in November rose 6.9 percent compared to a year ago, making this the best November for mutually accepted offers since 2006. Closed Sales and Selling Prices also rose.
- LOW INVENTORY + HIGH DEMAND! OB Jacobi, president of Windermere Real Estate and a member of the Board of Directors for The Northwest MLS said, “There continues to be extremely low inventory levels and high buyer demand which is causing multiple offers in many local areas.” And based on the current combination of sparse inventory and high buyer demand, Jacobi said those who are considering selling are encouraged to “list their homes sooner rather than later” in order to take advantage of unique market conditions.
- HOME PRICES UP 14.9%! System-wide prices on last month’s 5,333 closed sales of single family homes and condos jumped 14.9 percent from a year ago, the largest year-over-year increase since July 2006 when prices surged 15.5 percent.
- SHORT SALES OUTPACE FORECLOSURES! Short sales are up significantly from two years ago and are outpacing bank owned listings. Sellers who have been on the fence should know that this is the first seller’s market we have seen since 2007. And sellers who were at the edge of being in a short sale situation may actually find themselves in the positive.
- INVESTORS ARE PURCHASING RENTALS! Many good people lost their homes and need to rent for a few years while repairing their credit, indicating that the population of renters is expected to continue to grow for 3-5 years. Combining that data with historically low interest rates makes this is a great time to buy rental properties. Many buyers in this improving market are cash buyers. This indicates investors are buying. Less focused on perfectly timing the bottom and more interested in the long term financial benefits, investors are usually the first to re-enter a recovering market after a prolonged period of decline.
Here is what the November 2012 Supply and Demand Heat Map looked like as compared to the same period in 2011.
Eastside real estate.