We’re more than halfway through 2014 and nationally we have seen a “mixed bag” when it comes to the housing market. Although the market overall is strong, the first quarter did not perform as well as hoped, due in part to a challenging weather patterns and demand outweighing supply in many areas.
Since the number of homes available for sale (also known as ‘inventory’) has been low, buyers in some areas are competing via multiple offers for properties. According to the National Association of REALTORS®, national inventory improved somewhat in the spring, causing sales to surge in May. In fact, the 4.9% increase in sold properties in May was the strongest month-over-month increase since August of 2011. However, this is still 5% lower than May of 2013. And in June, after three consecutive months of solid gains, pending home sales slowed modestly.
While looking at data provides a look at overall market health, I know what is most important to you is what this means for your property value! I would be happy to go over how your neighborhood is faring and what I expect in the coming months. Currently I am booking mid-year property reviews and I would like to book yours! Please give me a call at 206-790-0081 or send me an email.