Housing Activity “Rejuvenating” Around Western Washington

According to the Northwest Multiple Listing Service the housing market is rebounding.

“Figures for February show system-wide gains in both pending sales (offers made and accepted, but not yet closed) and sales prices compared to a year ago. Results were mixed among the 19 counties in the MLS service area, but together they reported a 4.8 percent increase in year-over-year pending sales for February. “

They say the condominium market shows continued strength, with pending sales rising 13.7 percent from a year ago. This is consistent with Whatcom County, although their statistics are skewed in my opinion by the King County, Seattle area 

 In many counties, the month’s supply ratio is less than five months (a supply of six months or greater is generally considered to be a buyer’s market).

In King County there is currently a 2.6 month’s supply of single family homes and only about a two month’s supply of condominiums

They are even taking about having multiple offer situations not being uncommon again.

Interesting, I was just involved in one of those and helped my clients get a great deal on a Mt Vernon fixer in foreclosure. Who would have believe it, multiple offers again.

 They say low interest rates and job growth are helping to sustain the market throught the Puget Sound.

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