In this commentary, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, discusses the housing market nationally and in Puget Sound/Seattle, Wash.
The arrival of Daylight Savings triggers a burst in new listings, and more listings lead to more sales. In real estate, it’s all about the new listing.
The winter market is now officially over. Patterns in the winter market are more sales than new listings and reduced inventory. This causes a home price appreciation boost during the first part of the year in the more affordable and mid-price ranges and in the high-end market close to job centers. Over the second half of the year, as more listings come on the market, home price appreciation tends to flatten out.