I’m Sean Reynolds from Summit Properties Northwest and this is your market in a minute. Everything you need to know about the Puget Sound real estate market in one minute based on MLS statistics for the month of July 2017.
So in the month of July we typically see a little bit of a seasonal slow down, a summer slow down, but in this case we saw prices rise almost 9% year over year. And in the closer in areas where there’s more job growth, we saw prices rise almost 19% year over year, so we’ve had some huge increases in appreciation. And we still have really low inventory, big buyer demand, and property values just going through the roof. We’ve only got 1,330 listings of condos on the market and that’s down almost 22% over a year ago. So we’ve hardly got any condos in the market and that kind of reflects the lower entry into the real estate marketplace, is a condominium oftentimes. So that lower end inventory is completely getting stripped out and there just isn’t much out there left for potential buyers.
And so as we head into August and September here, into kind of the fall and winter months, I expect to see a super-strong real estate market with the low inventory and the continued buyer demand based on job growth.
I’m Sean Reynolds from Summit Properties, I appreciate you watching the video. Subscribe to our channel by hitting the subscribe button down here, and again, thank you for watching the video. Bye.