Home Value Forecast: Washington’s Woes – High Demand, Low Inventory in the Evergreen State
While positive market growth is always welcome news, such rapid expansion can make finding homes a challenge for prospective buyers.
Waltham, Massachusetts, Jan. 23, 2020 (GLOBE NEWSWIRE) -- The first Home Value Forecast of the new decade takes us to the Pacific Northwest, where Washington state has four metros on the Top 10 Hottest Housing Markets list. While positive market growth is always welcome news, such rapid expansion can make finding homes a challenge for prospective buyers.
The four markets in Washington on our Top 10 – Seattle, Tacoma, Olympia and Spokane – are all seeing homes sell at a rapid-fire pace. The Months Remaining Inventory (MRI) numbers are less than 2.0 for all WA metros. To put that figure in perspective, we usually like to see about six to eight months MRI in a balanced housing market.
While this is no cause for alarm – in fact, it is a positive sign for sellers – this will make buying homes and sustaining this level of sales a challenge statewide. Spokane especially is feeling the pinch.
“The prolonged growth we saw in the Seattle metro area has started to expand and impact other metros in Washington,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “And with working remote options becoming more mainstream, people are looking even further away, which is impacting Spokane. We are seeing similar migration in many areas around the U.S”.
Click here to read the entire report, including data and graphs that further highlight market trends discussed in this release.
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Thomas Hoff Pro Teck Valuation Intelligence 781.314.1669 [email protected]