Well, the year 2020 is officially behind us, and 2021 is here! Unfortunately for home buyers in the South Sound, it’s slim pickens right now with the current state of the market. Buyers are routinely needing to waive inspections, pay more than appraised value, and otherwise give in to most of the sellers demands. This will continue to persist for the coming months unless the sale inventory increases dramatically. This is especially true under $400,000.
Year over year statewide inventory is down nearly 50%. Here are the current inventory levels for our primary covered counties.
(What does this number reflect? Well, if no more homes came on the market, this is a measurement of how fast all the homes on the market would be sold. So a measurement of 0.5 means that after 2 weeks there would be no more homes for sale.)
Pierce County 0.33
King County 0.63
Thurston County 0.30
Kitsap County 0.46
Sale prices in these counties are up year over year an average of 12%
So, what to do? Both Buyers and Sellers alike in this market must absolutely work with a professional that they trust to help them navigate this extraordinary period. Every person, every home is it’s own unique story. If you need help purchasing or selling a home please reach out and we can help you achieve your goals!
