On January 1st of this year, there were only 10 single family homes available for sale in zip codes 98466 and 98467 combined. Ten houses total. That’s less than a week’s worth of inventory. A balanced housing market requires 4-6 months of inventory, which means the current market is incredibly favorable to sellers. More new listings are expected to hit the market as we head into the first few months of the year, but strong buyer demand is likely to absorb that new inventory quickly, continuing to push home prices higher.
167 single family homes were sold in zip codes 98466 and 98467 in the fourth quarter of 2020 – a dramatic 22% increase in sales activity when compared to the fourth quarter of 2019. How can the number of sales be up when inventory levels are at historic lows? Good question. Because houses are selling so quickly, they’re not on the market long enough to register as “active” inventory when the numbers are tallied at the end of the month.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.