Mar 6, 201702:53 PMBlog
Record-low inventory continues frustrating home buyers
Home buyers are in a spring mood, but sellers are still hibernating, suggested one broker while commenting about the latest statistics from Northwest Multiple Listing Service.
Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers, rising prices, fewer sales, and frustrated house-hunters.
“For buyers, hope springs eternal, but the sellers are still hibernating,” suggested John Deely, the principal managing broker at Coldwell Banker Bain. “We’ve been experiencing continued high buyer demand as the spring market takes off early but sellers are on a more traditional schedule as listings slowly ramp up,” he reported, adding, “Sellers that have come to market ahead of the traditional spring market are reaping the benefits of less competition [from others who are selling] and a highly competitive buyer pool.”
That expectation was echoed by fellow MLS director Frank Wilson, the branch managing broker at John L. Scott in Poulsbo.
Scott expects inventory to start rising in March, but he also anticipates the number of buyers will increase too. “It will continue to be a competitive market in the more affordable and mid-price ranges,” he predicts.
“The spring market in Kitsap is a little like waiting for the tulips to begin coming up. We have the buyer demand but the inventory has not started springing up yet,” commented Wilson. “Open houses have a lot of traffic and we are seeing multiple offers on new listings that are priced correctly.”
Wilson noted Kitsap County is seeing an increase in investor type buyers as they anticipate the impact of the new fast ferry system, now in the beginning stages of roll-out.
“Access directly to Seattle on a fast foot ferry will have a large impact on Kingston, Bremerton, and Port Orchard, while hopefully reducing the pressure on the Bainbridge Island terminal,” he stated.