Local inventory is up as buyers and sellers prep for spring real estate market

February’s snowfall temporarily slowed down sales.

By Erin Flemming

Special to the Reporter

If you’re looking to purchase a home this winter or spring, you’ll likely benefit from the uptick in inventory at all price levels in the Kirkland area. Mona Spencer, branch manager for John L. Scott’s Redmond office, said many buyers in February appreciated the options and the less hurried pace in the local market.

In Redmond, there were 164 homes for sale in February of 2019, which is more than double the number of homes for sale in February the year prior. When looking at months of inventory in Redmond, the city had 0.7 months of inventory in February 2018, and just a year later we are at 1.5 months of inventory.

Spencer said these numbers are encouraging and a move in the right direction toward a balanced market, though multiple offer situations are still a possibility for well-priced homes in certain areas.

“We did see fewer buyers in February competing over more homes,” said Spencer. “There are fewer frenzied bidding wars, which gives buyers an opportunity to include inspection contingencies and finance contingencies in their offers. However, we are still seeing some multiple offers depending on price point, location and condition.”

Redmond was hit with multiple inches of snow in February, which led to school and business closures affecting many residents. Though snow did slow things down a bit, Spencer said the local real estate market wasn’t brought to a complete standstill due to the weather.

“Our snowy February slowed down sellers from putting their homes on the market,” said Spencer. “It also slowed down buyer viewings of existing listings due to challenging driving conditions. The sales that happened during the snow were buyers that were very motivated to purchase. Once the snow melted, listings and sales picked up.”

As the snow has melted and temperatures increase, many homeowners are looking to do a bit of spring cleaning and home improvement. Some spring cleaning and repairs can translate to a higher return on investment when homeowners do decide to sell. A recent report from ATTOM Data Solutions detailing year-end sales numbers for 2018 noted that the highest profits from home sales are in the West, with an average return on investment in Seattle of 70.7 percent.

Getting the ball rolling on repairs now can pay off in spring, when Spencer said the market sees the most listings and buyers. She anticipates many of the buyers this April, May and June will be current renters who may take advantage of the inventory and interest rates to begin building equity.

“If interest rates stay low, inventory continues to grow, and our local job market stays strong, we should see a solid spring market,” said Spencer. “If interest rates remain low, it will help buyers with affordability. Renters entering the market realize that they are paying the landlord’s mortgage and are therefore not building their own equity, may not be able to have pets and are not able to control rising rental costs.”

More in Business

Kirkland real estate market transitions into fall

There may be less competition than last year but well-priced homes in great locations can still garner more than one offer.

Financial turmoil contributed to Ducati Redmond closure, records show

NobleRush owner owed nearly $2.7 million on new bikes.

Cannabis collab sees Seattle women join forces

Seattle cannabis vendor names new product after local recording artist SassyBlack’s new album

First AG lawsuit against company no-poach clause ends with $150K payment

Jersey Mike’s had the contract provisions in place until April 2018.

Stephanie Quiroz/staff photo 
                                Rayed Siddiqui, 9, from Redmond sold handmade lego structures at the business fair on Aug. 26.
Young Redmond entrepreneurs set up shop at Acton Business Fair

Youth entrepreneurs donated a portion of their proceeds to charity of choice.

The Dragon Master Balrin, also known as Arnav, proved worthy of the name, discovering 211 dragons. Photo courtesy of OneRedmond
OneRedmond brings dragons to downtown Redmond

The Dragon Master Balrin, also known as Arnav, discovered 211 dragons.

Courtesy photo
                                Mercer Island financial adviser Bob Toomey recently summited Mount Shasta in California.
Financial success and mountaineering

The steps to achieving financial success mirror mountain climbing.

Real estate market holds steady as summer continues

Suburbs are on the rise, as many millennials may be priced out of city cores.

Redmond entrepreneur sells In-Video Impressions to Vitagene

Former Microsoft employee started ad-targeting company in 2017.

Stephanie Quiroz/staff photo
                                Franchise owners JJ and Joette Dalton hope Goldfish swim school will help reduce drowning statistics.
Goldfish Swim School to open doors in August in Redmond Town Center

Franchise owners JJ and Joette Dalton hope the school will help reduce drowning statistics.

La Isla switches locale to Redmond Town Center

Puerto Rico restaurant leaves Redmond Square retail area ahead of incoming apartments.

Selection and steady sales characterize local market

Buyers can enjoy additional selection this summer as they look for the home of their choice.