A Busy Holiday Season and Forecast for 2017
The Northwest Multiple Listing Service (NWMLS) has announced an all-time high in home sales for the month of November. The NWMLS report also found that within 23 counties in Washington State, the number of new listings added dropped to its lowest level in 11 months, prompting the prediction that, this winter, prospective buyers will be busy competing for the smallest inventory of homes since March.
The NWMLS report goes on to state that “figures for November show a 13.2 percent drop in inventory of single family homes and condominiums, a 9.4 percent gain in pending sales, a 31.3 percent spike in closed sales, and an 11 percent increase in prices compared to the same month a year ago”
This holiday season has been busy as Seattle continues to live up to its title of having the hottest housing market in the US. Ready, willing and able buyers are competing for limited inventory as well as hurrying to close on their dream homes as increasing interest rates are creating a sense of urgency for prospective buyers, which is also enticing home sellers to the market. This has led the NWMLS to predict that Seattle will continue to have one of the hottest housing markets in the upcoming 2017 year.
To learn more about the record breaking 2016 real estate market in the pacific northwest as well as predictions for 2017, please visit: NWMLS | Real Estate Brokers Expect No Holiday Breather