Puget Sound housing market hits new summer sales record

“It’s been the best summer for sales activity, with June, July, and August clocking in a record number of transactions,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The other big stories are the high sales activity compared to new listings coming on the market, with pending sales activity virtually matching the number of new listings in August, and record low inventory.”

In Kirkland, homes continue to sell quickly, and oftentimes with multiple offers. New listings rose 8.5 percent compared to August 2016 and pending home sales increased 4.7 percent. That being said, overall inventory is down 17 percent from last year. In fact, as the summer market comes to a close and we head into fall, low inventory appears to be the new normal. According to the Northwest Multiple Listing Service, last month was the lowest August on record for total active inventory. In King County listings are down almost 21 percent from August 2016; listings are also down 10.6 percent in Snohomish, 14.46 in Pierce, and 18.85 in Kitsap Counties.

“Houses are still selling in a short period of time,” said Mona Spencer, Office Leader of John L. Scott Eastside. “However, there are not as many multiple offers because of the expected seasonal shift due to vacations, back-to-school activities, and some buyer fatigue.”

Spencer goes on to say that the forecast is calling for smaller gains in price appreciation in the next year. Housing inventory in Kirkland still remains tight, which means that prices will still appreciate due to supply and demand.

“If you are buying in the Kirkland market in the near future and on into 2018, be prepared to compete with other buyers,” she said.

As we head into fall, September and October will see new listing inventory coming on the market drop by about 20 percent from the summer months, so the next two months will be the best opportunity for selection and availability for buyers to purchase a home, because starting November the number of new listings will drop another 30 percent over the winter.

Interest rates and job growth also play into the record-breaking summer; we’re experiencing the lowest rates since last November, and job growth remains very strong.

The luxury market continues to outpace last year’s market in a huge way, with 504 homes selling over one million dollars last month in King County compared to last year’s 332 homes, equating to a 51 perent increase in homes sold. A total of 24 uber luxury homes sold (priced above $3 million), compared to last year’s 14 homes, a 71 percent increase.”

More in Life

Fundraising underway for Mark Twain Elementary’s new playground

Twain PTSA is nearing the final stages of fundraising.

Staypineapple announces new regional director of operations

Staypineapple, a hospitality company based in the Pacific Northwest, announced Troy Longwith… Continue reading

Kirkland Heritage Society sponsoring eighth annual Kirkland History Month

Kirkland Heritage Society will be sponsoring the eighth annual Kirkland History Month.… Continue reading

St. Patrick’s Celebration to be hosted at the Kirkland Performance Center

Local musician Geoffrey Castle’s 13th Annual St. Patrick’s Celebration will be hosted… Continue reading

Kirkland volunteers on an upward trend

The city reported that 5,987 volunteers dedicated 34,413 hours to various city programs and community service projects in 2017.

Eastside Audubon Society to host gardening class

Eastside Audubon Society will be offering a lecture with slides and bird… Continue reading

Seattle Beagle Rescue to host wine fundrasing event

Seattle Beagle Rescue, a registered 501 (c) (3) charity, will host a… Continue reading

Rampathon accepting ramp applications for families struggling with mobility

The Master Builders Association of King and Snohomish Counties, through its Rampathon… Continue reading

Kirkland resident recognized on LIM College’s President’s List

Christina M. Bechtel of Kirkland was added to the President’s List at… Continue reading

Most Read