Here is a great article that sums up our market right now! Here are a couple highlights:
– The number of homes on the market has dropped to its lowest level since 1999
– 1,981 single-family homes closed last month, 33% more than October 2011
– October’s median sale price of $370,000 was up 16% from October 2011
– Reason buyers are stepping to the plate? Record-low interest rates, prices on the rise creating urgency and speculation of low inventory in upcoming months. What was not mentioned…the fact that rental rates are on the rise (with low inventory) as well, making a purchase of a new home very equitable!
– King County condo sales up 35% compared to October 2011