Spring may bring similar market to 2017 in Puget Sound

Photo by Knopka Ivy on Unsplash

John L. Scott chairman & CEO J. Lennox Scott is quoted in this story about the current real estate market in Puget Sound. Inventory is tight across Puget Sound, especially in South Puget Sound. This has led to price growth higher than buyers typically expect in winter. 

Seattle Times | Katherine Khashimova Long

[…] To some extent, seasonal factors are at play: Housing markets generally contract in December.

What makes this more than a seasonal trend is how quickly buyers are snapping up those homes that are on the market, said J. Lennox Scott, CEO of John L. Scott Real Estate. Historically low mortgage rates and predictions of job growth in 2020 appear to be driving demand.

Especially among homes priced under $1 million, which make up 81% of sales, “we’re at what I call multiple-offer everything. We’ve entered an instant-response market,” Scott said. “We’re approaching the level of hotness we were at in late 2017.”

Read the story here: Amid falling inventory, brokers predict a return to 2017 ‘hotness’ in Puget Sound housing markets. See what’s happening near you.