Yes, you read that right… I know, it sounds crazy but the article below from The Tacoma News Tribune illustrates what's currently going on in this real estate market.
"Hold on, Steve… How are you able to work both sides like that, in what everyone says is such a super hot Seller's market?" I'm glad you asked because the answer is simple. Being a solid Real Estate Broker and pulling off ridiculous sh*t for my clients is what I do…It's a lifestyle, it's not a "gig" or even a "job"… I do this full time, and I've been doing it for almost 14 years through all time great markets & all time bad markets.
Lots of rookies, retirees, and job hoppers run to real estate when the newspaper says it's hot. With a few exceptions, those same people run out of the industry at the first sign of adversity. In fact, your 2nd Cousin, your favorite neighbor's friend, or a long lost buddy of yours from high school might have just got licensed. I'm sure you got the cheesy postcard. Just sayin'…
Seattle has been named by more than a few publications as one of America's hottest real estate markets. It's up there with San Francisco and New York when it comes to relocating home buyers. Because the Seattle market has become so tight, real estate in the South Puget Sound area has experienced a noticeable amount of "overflow".
By Rolf Boone
Tacoma News Tribune
The South Sound housing market roared all summer and now fall is shaping up to be pretty good, too, according to Northwest Multiple Listing Service data released Thursday.
That’s because the data showed a surprisingly strong October, particularly in Thurston County where sales of single-family residences shot up 36 percent from the same month a year ago.
Sales results weren’t that strong in Pierce County last month — sales rose nearly 6 percent in the past year — but the county still sold more than 1,100 single-family residences.
One-thousand or more single-family residences have sold every month in Pierce County since April, the data show.
Although Pierce County didn’t experience a double-digit increase in sales, the picture was brighter for median price, which rose 10.5 percent in the past year. In Thurston County, the median price rose 8.3 percent over the same period, the data show.
Bottom line: It remains a seller’s market.
“It’s a very good time to sell,” said Ken Anderson, managing broker and owner of Coldwell Banker Evergreen Olympic Realty, in a statement. “Owners who are eager to make the next move don’t have to wait six months or until spring to act.”
But prospective buyers, it appears, will still be forced to act quickly because inventory levels also remain low.
Pierce County months of inventory — the number of months it would take to exhaust the current supply of single-family residences for sale — was 2.44 months in October. In Thurston County, it was 2.55 months, the data show.
Six months of inventory is considered a balanced market for buyers and sellers.
In King County, meanwhile, months of inventory was 1.33 months and the median price, $480,000, up 7.3 percent in the past year, the data show.
A closer look at the South Sound single-family residence data:
▪ Pierce County: Sales rose 5.7 percent to 1,126 units from 1,065 units in October 2014. Median price rose 10.5 percent to $255,250 from $231,000 over the same period. Pending sales rose 15 percent to 1,465 units from 1,275 units.
▪ Thurston County: Sales rose 36 percent to 398 units from 292 units in October 2014. Median price rose 8.3 percent to $249,000 from $229,925. Pending sales rose 3.3 percent to 436 units from 422 units.
Read more here: LINK TO ARTICLE