January Market Update — Southwest Washington
The January real estate market stats are out, and Southwest Washington registered a strong start to the year. Closed sales were nearly 30% higher than last January, with prices up 3.6%. It was a strong month in terms of price growth and sales, so we will see if this trend continues into Spring, when the market usually heats up.
What’s the outlook for buyers?
The real estate market had a very active start to the year, with nearly 30% more closed sales than the previous January. New listings did not keep pace with the closings, and now there are even fewer homes for sale. As prices keep rising, buyers would be smart to search hard right now, before the usual Spring market makes things even more competitive.
What’s the outlook for sellers?
A surge of closings has reduced the inventory of homes for sale, giving sellers an even greater advantage. Now is a great time to sell, since there are so many buyers in the market, leading to a lot of competition for good homes. The Spring market is usually strongest for sellers, but the conditions right now seem unbeatable.
