The housing market is changing quite a bit from a year ago. The number of homes up for sale is growing, reversing an inventory shortage trend that has plagued many markets over the last few years. The higher inventories are also driving greater price cuts, according to realtor.com®’s February housing report.
About 73,000 more listings are for sale this year compared to last year. Inventories have increased 6 percent year over year, according to realtor.com®’s analysis. The largest jumps in For Sale signs are out West, led by San Jose, Calif. (up 125 percent year over year); Seattle (up 85 percent); San Francisco (up 53 percent); San Diego (up 39 percent); and Portland, Ore. (up 36 percent).
“This is the fifth consecutive month that we’ve seen housing inventory increase, especially in large markets,” says Danielle Hale, realtor.com®’s chief economist. “As is often the case in real estate, the important trends are going on at the local level. We see large markets continue to cool, but some markets still have some strength. Additionally, we still see fewer homes priced under $200,000 on the market, so entry-level buyers won’t see the same availability of options as high-end buyers.”
The median list price rose 7 percent year over year in February to $294,800. But prices are showing signs of cooling. Thirty-nine of the 50 largest housing markets saw an increase in price cuts in February. The largest percentage of price cuts were in Las Vegas (up 19 percent); San Jose (up 9 percent); Phoenix (up 7 percent); San Francisco (up 5 percent); and Dallas (up 4 percent).
Received Multiple Offers
within 35 hours of Listing!
2 bedrooms; 1 bathroom; 960 square feet
Don’t miss this turnkey charmer! You’ll love the spacious & bright living rm w/ pine walls, laminate floor & cozy gas insert. Features also include newer paint & windows, as well as new screens & blinds through-out. The bright kitchen has a new faucet & laminate floor, newer sink, range/oven & frig. The furnace, water heater, tub/shower & vapor barrier have all been replaced recently. You’ll enjoy the fully-fenced yard w/ side gate, garden space, storage shed & gated parking for 2 off the alley.
Sold 3/13/19 for $230,000
With the Washington state Legislature scheduled to start its 2019 session on January 14 and Realtor Hill Day slated for January 24, Realtors and other real estate-related organizations will be coalescing around the housing crisis and strategies for improving supply and affordability.
Among legislative priorities are:
- Condominium liability reform, specifically, language that would 1) prohibit individual HOA officers/board members from being sued; 2) modify statutory “implied warranties” that condo buyers receive from builders; and 3) require purchasers who sue to establish a “performance” defect.
- GMA reform, including a requirement for cities to enact minimum densities in urban areas, thereby making more efficient use of available urban lands designated for jobs and housing.
- Housing Trust Fund legislation that may be proposed to allow use of a portion of the monies for building owner-occupied housing in addition to publicly-owned housing.
- Other budget and financial issues affecting tax collections; education funding subsequent to the 2017 “McCleary Fix;” expenses resulting from compliance with the “Culverts case” that required the state to improve fish passage on almost all culverts under state roadways; B&O and REET related proposals to increase those taxes; and a new capital gains tax (depending on the final number of Democrats in the State Senate).
To help focus attention on the housing crisis and its “real world impacts,” a coalition of nonprofit organizations, builders, Realtors and others joined forces to launch a multi-media campaign.
Using the theme “Unlock the Door,” the campaign invites members of the public and Realtor members to share stories on how the housing affordability crisis has affected them, and their family, friends, and clients.
The effort, now underway, is in response to the struggle families across the state and in all income groups are facing in their search for homeownership opportunities. Organizers cite research from the Rundstad Department of Real Estate at the University of Washington which indicates first-time buyers in King, Kittitas, Pierce and Snohomish counties face home prices that area nearly double what they can afford.
The campaign’s primary focus is on affordable home ownership opportunities, but it will also contain elements related to homelessness and low income housing.
Questions? Contact Jennifer Gilbert-Smith, volunteer member of Seattle King County REALTORS and Tacoma-Pierce County Association of REALTORS Government and Public Affairs Committees
1 bedroom; 750 square feet
So many possibilities! This conveniently located and bright home features lots of newer wood wrapped windows and blinds, fresh paint and new doors. You’ll stay cozy in the large living and dining rooms with the wood stove and laminate floors, and also enjoy the space that the extra large utility room offers. The lot is fully fenced with multiple gates and there’s plenty of gated parking in front of the garage. You’ll appreciate the shed and easy to maintain siding. Don’t miss this opportunity!
Sold 4/20/18 for $162,500
Several Offers Received within 36 hours
Above List Price
3 bedrooms; 1.75 bathrooms; 1,334 square feet
Bright and open floor plan with vaulted ceiling and skylights! You’ll appreciate newer windows, light fixtures, doors, molding & granite counters thru-out. Cozy living room w/pellet stove & beautiful bamboo floor. Kitchen features newer cabinets, apps, double sink & tile floor. Updated bathrooms. Large fully-fenced level lot w/gates, garden beds, sprinklers, shed, lean to, long carport for trailers/boats & extra parking. Enjoy entertaining on the large partially covered patio or relax in the hot tub.
Sold 3/20/18 for $319,025
Stylish & spacious with too many features to list – an absolute must-see!
Bamboo, marble & pergo floors; Wainscoting, wide molding & wood-wrapped windows; Granite & marble counters. This beautiful home is bright with many windows & skylights; Master suite has 2 walk-in closets, a deck & 5-pc bath with wide tub. The den/office has a closet & can be used as a 4th bdrm. Relax on your private deck or enjoy urban living with many restaurants, shops & entertainment nearby in the desirable 6th Ave Bus District!
2,221 square feet; 3 bedrooms + den/office with closet (possible 4th bdrm); 3.25 bathrooms
View the detailed listing information and photos…
4 bedrooms; 1.75 bathrooms; 2,044 square feet
This home has recently been updated with a new roof, pergo and some new carpet, vinyl and windows. It’s extra private, on a large lot and conveniently located in desirable North Tacoma near Ruston Way and Point Defiance. Ideal for investors, this home features 2 bedrooms & 1 bath on one end and the others on the opposite end. It’s ready to be rented again and a new homeowner can unleash the potential of the large lot that may be sub-dividable. So many possibilities, so little time, don’t miss this!