Global economic uncertainty is having an impact on the local housing market, according to the latest report from the Northwest Multiple Listing Service.
“[Home] buyers are seeing the benefit of world economic turmoil as interest rates remain low and have even dipped a bit,” said Frank Wilson, branch managing broker of John L. Scott in Poulsbo and immediate past chair of the Northwest MLS board.
What all the international hubbub hasn’t affected is buyer enthusiasm.
“While the world is watching Brexit, oil prices and political theatrics, the average American still needs to transfer, take a new job, receive orders to a new duty station, move to a smaller or one-level home, or purchase a bigger home to accommodate growing family needs,” said Wilson. “We continue to see good traffic at open houses, multiple offers on correctly priced homes, and people excited about the next phase of life that a new home brings.”
Throughout western Washington, the market continues to be torrid and listings still have a long way to catch up to demand, though a 10-percent year-over-year increase in listings in the region have some observers anticipating relief.
In June, there were 2,015 new listings (residential and condominium combined) in June 2016, 285 more than the same month last year. Thurston County is seeing a similar uptick, with 708 new listings last month, up from 559 in June 2015.
Inventory in general, however, remains low, even — and in some cases, especially — in areas outside the Seattle metro. Inventory is now shrinking at a greater rate in some of the outlying counties than in the tri-county area of King, Snohomish and Pierce counties.
“Sellers are benefitting from the 12 percent increase in the median sales price of a home in Kitsap County,” Wilson reported.
“Like the Fourth of July fireworks, the Kitsap housing market is sparkling.”