Too early to call after two months, but the early signs are in that we are returning to a multiple offer market.
Based on Eastside Residential and Condominium reports:
- Pending sales for January and February are down 1% from 2018 and 3% from 2017 even with snow
- Multiple offers are happening and with increasing frequency (still short of the frenzy of past springs)
- 18% of February closed sales sold for more than original list price versus 52% a year ago (up from 12% in January 2019)
- Median sales price was 2% above list price vs 8% last February
- 13% of February closed sales sold at original list price vs 10% a year ago (up from 9% in January 2019)
- Interest rates are equal to a year ago and down ½ a point from a recent high in November 2018
- Payments on median closed sales price is down from $4,198 (February 2018) to $3,837 (February 2019)
- The majority of listing brokers report they would price a new listing at or above a recent sold comparable property
Listings are coming! Sellers still need to consider pricing towards the bottom end of the value range instead of the high end. 47% of sellers in February had to change their price to create a sale.