It doesn’t matter where you are located in King and Snohomish counties during this extreme frenzy housing market. Nor does it matter the price point, right now it’s “multiple offer everything!” Watch the video below for the numbers, and read on for more.
Multiple offer rounds in Snohomish County. Unsold inventory is down 45 percent in February 2020 compared to February 2019. Inventory is at an extreme shortage up to $1 million. 97 percent of Snohomish county sales activity takes place in this range. Sales activity intensity in this range is at extreme frenzy levels. While sales activity intensity over $1 million is at surge.
Multiple offer rounds on the Eastside. Unsold inventory is down 47 percent in February 2020 compared to February 2019. Therefore, inventory is at an extreme shortage up to $1 million. 66 percent of sales activity on the Eastside takes place in this range. Sales activity intensity for this price range is at an extreme frenzy. Luxury homes on the Eastside priced in the $1 million to $1.5 million range will see frenzy sales activity intensity in the spring. Sales activity intensity will be at surge in the spring for homes in the $1.5 to $2 million range and strong above that.
Multiple offer rounds in Seattle. Unsold inventory down 38 percent in February 2020 compared to February 2019. Consequently, inventory is at a severe shortage up to $1 million. 82 percent of sales activity takes place in this range in Seattle and sales activity intensity is at extreme frenzy. Luxury homes in Seattle priced in the $1 million to $1.5 million range will see frenzy sales activity intensity in the spring. Sales activity intensity will be strong in the spring for homes in the $1.5 to $3 million range.
Not Interested in a Multiple Offer Sale?
Many buyers will look to take advantage of low rates. However, current homeowners who are not selling may consider refinancing to a lower rate. Talk to your mortgage professional. Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak.
Meanwhile, if you’re unsure of what to do in the current market, don’t worry. Whether you are buying or selling, we have strategies that will help you accomplish your goals. Get in touch with us on our contact form. Or, pick up the phone and give Mindy or Tom a call. We’re always available to answer your questions.