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Pent-up demand continues to fuel home sales around Western Washington with millennials, military families and relocating workers vying for limited inventory. Brokers from Northwest Multiple Listing Service say they’re not seeing a typical summer slowdown.
Commenting on a new report from Northwest Multiple Listing Services summarizing July activity, J. Lennox Scott, chairman and CEO of John L. Scott, Inc. said, “The Puget Sound housing market is sizzling hot, with the best July on record.” He expects inventory shortages will continue into the summer of 2016.
Northwest MLS members reported 9,424 closed sales during July, easily surpassing the year-ago total of 7,878 transactions for an increase of 19.6 percent. Last month’s volume of closings also outgained June when members reported 9,163 closings.
This market is “atypical,” remarked Diedre Haines, Coldwell Banker Bain’s principal managing broker for South Snohomish County. “We’re not yet seeing any signs of the typical summer slowdown.” She attributes the lack of inventory as a key factor in the abnormalities. More.
