Pressure is Already on for Spring Housing Market
Normal
WHAT’S YOUR HOME WORTH?
Key Market Indicators – October Recap
Kitsap County Housing Update - Resale Only
We are entering the winter phase of the yearly housing cycle, during which the winter clean-up of unsold inventory occurs. This clean-up is spurred by listings expiring and homes taken off the market by sellers who wish to reposition in the spring. Come January 1, unsold inventory will be at the lowest point of the year – down about 50 percent from the peak in summer. Strong job growth and low interest rates in the threes have already built up a pressure cooker in the more affordable and mid-price ranges, where 76 percent of sales occur. Strong price appreciation is ahead, and we anticipate frenzy sales activity intensity after the first of the year, up through the mid-price ranges.
Average % of New Listings (Pending) in the First 30 Days
Unbelievable Interest Rates
65%
30%
SCALE: MONTHS SUPPLY
John L. Scott recently launched a home price valuation platform powered by Buyside that can help you understand what your home could be worth in today’s market. Simply plug in your address and receive up to three different computer-generated home price estimates. However, it takes more than an algorithm to determine your home’s worth. Contact your broker associate to learn more about this tool, along with today’s current market price and seller marketing strategies.
3.72%
Current
Source: Mortgage News Daily
