Seattle Market Report, February 2020

The monthly market snapshot summarizes key quantitative measures of the local markets in Seattle and West Seattle.

Over the last two years, inventory has loosened up, but that trend may be changing. Inventory is sharply falling and buyers are on the hunt. In January, far less homes went on the market even as the amount of sales increased over last January. It is a great to sell and really increases the need for good representation by buyers.

Here are a couple news items to round out the story of Seattle real estate as we enter the New Year:

  • Paul Roberts, “Tight housing inventories and January price jumps hint at a sellers’ spring,” Seattle Times, Feb. 6, 2020.
    “Falling interest rates, strong job growth and declining inventories could be setting the conditions for a spring reprise of the painfully hot housing market of 2017…

    Although home prices rose only modestly in January, some brokers report growing signs of a continued shift back to a seller’s market, including the return of multiple offers, resumption of bidding wars, and open houses that feel more like stampedes.”

  • Associated Press, “US mortgage rates decline; 30-year loan lowest in 3 years,” Seattle Times, Feb. 6, 2020.
    “Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year fixed-rate mortgage declined to 3.45% from 3.51% last week. The key rate stood at 4.41% a year ago.”

Enjoy the report. The key to operating in this market is to prepare thoroughly, practice patience, and adapt based on good information. So, pretty similar to most other things in life;)

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