In the fourth quarter of 2019, there were 17% fewer new listings that came to the market compared to the fourth quarter of 2018, but pending sales outpaced inventory levels with a 17% increase in sales activity. The trend of pending sales outpacing new listings rang true throughout all of 2019, which illustrates strong buyer demand. This demand is being fueled by the lowest interest rates we have seen since 2016, additional job creation in our area, and the convergence of baby boomers making big lifestyle moves and millennials making their first home purchases. Equity levels are very healthy for many homeowners due to the last 8 years of price growth (despite the 2018-2019 correction), providing the opportunity to make that right-size, move-up, or move-out-of-the-area move. An important factor to note as we head into Q1 of 2020 is the tighter-than-normal inventory levels. This will bode well for sellers, as buyers are anxious to secure a purchase with these historically low interest rates. Low interest rates are a benefit for buyers to have lower debt service, but also affords home sellers a larger audience.
This is only a snapshot of the trends on the Eastside; please contact me if you or someone you know would like further explanation of how the latest trends relate to your housing goals.