I’m Sean Reynolds, the owner of Summit Properties Northwest and Reynolds & Kline Appraisal and this is your market in a minute. Everything you need to know about the Puget Sound real estate market based on northwest MLS statistics for the month of January 2018, and that’s all in one minute.
So the quote that I enjoyed this month was, that kind of applies to the entire market is multiple offer everything virtually sold out market and that basically applies to all the markets close in to the employment centers and then also to the entry level, and mid tier levels of the marketplace and a little bit further out areas. You’ve just got no inventory and you’ve got a ton of people still coming into the area, uh, with jobs and that’s creating a situation where there’s basically not much housing for people to look at. As we move into the typical spring market, some of the things that I think you’re going to see that will impact us are: we’ve got a rise in interest rates going on. I think there’s a little bit of a fear of inflation and the Fed is raising rates and mortgage rates are rising as a result, so you’re going to see that taper off some of the ability of people to buy, and that’s going to reflect in some more housing probably coming on and staying on the market.
Another thing that I saw on this month statistics was that active listings finally outpaced the number of pending sales. So, that hasn’t happened since, I think September of 2017, so that’s another sign that we might be seeing a little bit of the, you know, the, the curve going like this, to leveling out a little bit and we’ll just have to kind of see how that goes with this, uh, coming spring market. But we’re still in a period where there’s just not enough inventory for the amount of buyers out there and so sellers are basically asking for the moon and they’re getting it, and they’re getting multiple offers on that same home.
Again, I’m Sean Reynolds from Summit Properties Northwest and Reynolds & Kline Appraisal. I appreciate you taking the time to watch the video. I’d love to have any comments, questions, or thoughts for new videos. Put those down in the comments below and, uh, I appreciate you watching. Thanks again, we’ll catch up soon. Bye.