Brokers report they are encountering more multiple offer situations as the market heats up. Buyers are not hesitating to jump in with offers over the asking price in hopes theirs is the chosen one. Extremely low mortgage rates are playing a significant role by providing home seekers with more buying power.

The intense competition is in part due to persistent low inventory levels as some homeowners have decided to adopt a “wait-and-see” stance for the next few months. The increased attention for existing listings has led to higher offers and higher sale prices for properly priced homes in good condition. The most recent statistics from the Northwest MLS show median closed-sale prices for single-family homes are on the way back up. Year-over-year in King County prices are up by 4.32 percent, in Pierce County up by almost 9 percent and in Thurston County up by nearly 8 percent.

Before the pandemic, many buyers prioritized short commute times and proximity to amenities. While there are still important, as we all spend more time at home, some buyers are pivoting, and the desire for larger living spaces has risen to the top of wish lists. Areas outside the Puget Sound core that offer homes with more spacious living are reported a significant uptick in interest and home sales.

As we enter the last full month of summer, many are anxious to get settled into a home before the school year begins. Time will tell if this mini-exodus to outlying areas will have a ripple effect and free up much-needed inventory in the more densely populated areas of Puget Sound.