Real estate market begins year on positive note

Northwest real estate professionals said there is cause for celebration regarding the local economy. Home sales for the beginning of 2014, though not overly impressive, show promise for the months ahead, according to the Northwest Multiple Listing Services (NWMLS).

Northwest real estate professionals said there is cause for celebration regarding the local economy. Home sales for the beginning of 2014, though not overly impressive, show promise for the months ahead, according to the Northwest Multiple Listing Services (NWMLS).

“We are finally going to be looking at the ‘housing crisis’ in the rear view mirror. In 2014 we are definitely in full recovery mode,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate in a press release issued by NWMLS.

There were over 7,000 pending sales in the month of January, a 35 percent increase from the holiday season. A drop in the market is expected each December, according to NWMLS, but the January numbers also show consistency from one year prior, as opposed to the steady decline seen during the housing crisis.

What’s holding the market back at this point is a lack of inventory for buyers but that won’t be the case for much longer, according to Gains.

“(There are) lots of buyers and not enough of the right inventory to satisfy our buyers’ wants and needs,” Gains said. “A very active market is anticipated once the number of listings increases.”

NWMLS serves 21 counties in Washington, 13 of which report greater inventory than one year ago, while eight are report less. Analysts suggest four to six months of inventory represents a stable market and local areas average approximately 4.2 months, according to NWMLS. King County struggles with the lowest supply, clocking in at only 2.5 months.

Frank Wilson, NWMLS director, reiterated that 2014 should bring positive changes in the market but recovery is a slow process. Desirable listings with reasonable prices will reel in multiple offers, he said.

“We are not yet fully recovered from the recession and sellers need to be realistic in expectations of the value of their homes,” he said.

Specific data for Pierce County includes an 8 percent increase in listings, a 1 percent increase in closed sales, and a nearly 12 percent increase in average closed sale home prices from one year ago.

King County saw a 6.7 percent listing increase and 15.8 percent increase in average home prices.

More in News

Cross-country cyclists make first stop in Enumclaw

Pi Kappa Phi fraternity members from all around the country stopped at Ashley House on their first stop on the Journey of Hope tour.

Wyatt Hodder same in third in one of this year’s tree climbing competitions. Photo by Ashley Britschgi
Junior Show attracts 142 competitors, here are the winners

Make sure you don’t miss the big event next weekend.

Enumclaw Health and Rehab offers free nursing training

The next round of classes starts Monday, June 26, and runs through July 24.

Public health and medical community pledge to decrease gun violence | Public Health Insider

In 2016, 663 adults and 20 children died from a firearm injury in Washington state, including 144 adults and 7 children from King County.

Enumclaw couple reach marriage milestone of 75 years

Fred and Jean Gramann have been married since 1943

Jeter returns to Bonney Lake as police chief

The city has grown since he left 13 years ago, but Bryan Jeter says he’s ready for the challenge.

Enumclaw eighth-grader advances to Atlanta for History Bee finals

Kyle Bowen went to the quarter finals in the national competition.

$500K boost for Fennel Creek Trail project, keeps out of way of objecting neighborhood

Senator Phil Fortunato helped the city find money to cover the cost of going around the neighborhood instead of through it.

Spartans rock the cap and gown | Slideshow

Check out some photos from last Friday’s Sumner High School graduation.

Most Read