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State of the Market: June 2017

Posted by Johnine Larsen on June 12, 2017
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Home prices keep rising, and buyers keep struggling. I’ve coached many clients through the arduous process of finding a home in this hyper-competitive market. It’s hard, I know. But it’s not impossible. And, as a welcome change from the past few years of bad news—things got a tiny bit better for buyers this month. In fact, new listings are at a seven-year high.

There were more listing this year than last year. May 2016 had 4,334 new listings in King County, and this year, May 2017 had 4,484 new listing. The difference of a hundred and fifty listings might not seem like much, but that’s a hundred and fifty buyers who can finally find themselves a new home.

This recent uptick affects the rest of the Greater Seattle Area, too.

County May 2016 May 2017
King 4,334 new listings 4,484 new listings
Snohomish 1,862 new listings 2,108 new listings
Pierce 1,989 new listings 2,235 new listings

A further piece of good news: the market tends to slow down every summer. Many people leave town on vacations, and others take a break from house-hunting to enjoy the weather. Those buyers who stick with it face less competition and milder bidding wars (note the “milder”; buyers should still expect a hard road ahead of them).

This is all good news for home buyers. You can celebrate this, but soberly—overall inventory is still just about nonexistent. A healthy market has 4–6 months of inventory. The Greater Seattle Area has just 1.37 months. In King County, that number drops to three weeks.

No matter how you look at it, Seattle is a strong seller’s market right now. But if you prepare yourself mentally and emotionally, buyers can still find success—especially with a real estate agent on your side.

With more than 25 years of experience in Seattle real estate, I’m used to crazy market conditions. I’ll keep you from making a mistake, and I’ll make this process as easy as possible. Let’s talk about your options!

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