New data shows Puget Sound price growth is accelerating and could soon return to the frenzy mode experienced in the recent past. We’ve seen four straight months of price increases here, reversing an earlier months-long trend of lower prices. The PNW is now closer to catching up to the national average than any time since December 2018 when local price growth first dipped below the national trendline.
While we aren’t experiencing a repeat of the wild home appreciation of 2017 and 2018 when double-digit price increases, bidding wars and week-long listings were the norm, what we are seeing is ultra-tight inventory and prospects of regional job growth as indicators of an impending frenzy in the spring housing market. Nationally, home prices are also on moving up amid a shrinking supply of homes and a three-month low in mortgage rates.
What does this mean for you? For homesellers, this is a great time to put your home on the market. Well-priced homes – particularly those below $500,000 – are selling quickly. Traditionally, spring and summer have been the time to list your home. This year with the tight market and record-low interest rates, we are seeing the selling season trend earlier in the year. Right now is the time to list your home.
If you are looking to purchase a home, while inventory is tight, a real estate professional is your best bet for finding just the right home. Also, working ahead of time with a local lender can help bolster your chances of landing a home in a very competitive market.