Redmond Real Estate Pulse | After a stifling spring, finally some breathing room for homebuyers

The housing market continued to be frenzy hot in June but there was a short breath of fresh air for homebuyers. More inventory came on the market, and that, coupled with the continuation of historically low interest rates, brought some welcome relief to the backlog of buyers who have been waiting to purchase a home. The median home price in King County jumped from $560,000 in May to $573,000 last month and price appreciation continues to be extremely positive.

July 13, 2016 1:30 pm

The housing market continued to be frenzy hot in June but there was a short breath of fresh air for homebuyers. More inventory came on the market, and that, coupled with the continuation of historically low interest rates, brought some welcome relief to the backlog of buyers who have been waiting to purchase a home. The median home price in King County jumped from $560,000 in May to $573,000 last month and price appreciation continues to be extremely positive.

“We are seeing fewer multiple offers for each new listing,” says Lennox Scott, chairman and CEO of John L. Scott Real Estate. “However, we are still seeing 80 percent of new listings sell within the first 30 days in the price ranges where 90 percent of the sales activity is taking place. Buyers are poised and buyer ready, and are taking advantage of the increase in inventory by snapping up every available new listing.”

Scott says the market is also encouraging for homeowners who have been considering a move. It’s a cause-and-effect situation; they find a home to buy and then put their home on the market, thus adding to the inventory, and so forth. The best opportunity for buyers to purchase will be within the next four months because of the inventory increase and lower interest rates.

Karen Lindsay, managing broker of John L. Scott Eastside, says they are taking in more listings this year than they were last year at this time, but they are selling as fast as they can list them.

“Our listing inventory is lower than it was last year at this time, in spite of an uptick in new listings,” she says. “The biggest change is in the price points. Across the board, prices are rising quickly, so we still have a decidedly seller-favorable market.”

Looking forward, we will see this frenzy market of sales activity for at least another 12 months.

The sales of luxury homes continues to be brisk in areas close to job centers and condo sales in King and Snohomish counties is hot, with inventory hovering at less than one month’s supply.

Kellee Bradley is public relations manager at John L. Scott Real Estate.