Fairhaven Realty
Fairhaven Realty
Fairhaven Realty, a br of Lakeway Realty, Inc.

Should You Wait Until Spring?

Posted on November 15, 2012

Thursday, November 15, 2012 finds our weather in Bellingham cold and damp. It’s foggy this morning creating a chill to the bones!

Are you thinking of making major changes in your life? Perhaps selling that five-acre piece of land with home, downsizing and moving closer to your job? “Oh, but we’ll wait until spring, that’s a better time to sell,” you say. But, is it really?

Northwest Multiple Listing Service informs us that last month’s housing inventory around western Washington fell to its lowest level since February 2006. The MLS report covering 21 counties also shows year-over-year prices on closed sales area-wide increased by double-digits for the first time since March 2007.

Below are some comments and findings right from Northwest Multiple Listing Service’s latest report:

Prices on October’s sales were up 10.4 percent compared to twelve months ago. The median price for last month’s closed sales of single family homes and condominiums (combined) was $251,625; a year ago the figure was $228,000.  The last time the multiple listing service reported an area-wide double digit hike in prices was March 2007 (up 11.3 percent).
 
Prices for single family homes, which accounted for more than 86 percent of October’s sales, rose more than 11 percent, while prices for condominiums jumped 16.6 percent.
 
Pending sales outpaced brokers’ ability to replenish inventory.  Northwest MLS reported 8,312 pending sales during the month, a 22 percent increase from the year-ago total of 6,187 pendings. Last month’s number of mutually accepted offers also surpassed September’s total by 818 transactions.

The brisk sales activity is creating imbalanced markets in some Northwest MLS counties. Area-wide there is less than a three month supply of homes based on the pace of pending sales when matched with inventory. (Many industry experts consider 5-to-6 months as the indicator of a balanced market.)

Please pay particular attention to the following comment in that report:

The shortage of inventory is helping propel prices. J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, commented on the correlation of sharply reduced inventory and rising prices. “The rise in prices is derived from seasonally strong sales activity in a shortage of inventory market,” he remarked.  

In view of the above, you may want to rethink waiting until spring to put your home on the market. If priced correctly reflecting the current trend, you could possibly be in your NEW home and well settled by spring.

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Fairhaven Realty, a Branch of Lakeway Realty Inc. | 1100 11th Street, Bellingham, WA 98225 | Office: 360-676-8990 | Fax: 360-734-5109
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