According to our Northwest Multiple Listing Service, a low inventory of homes for sale combined with record low mortgage rates are igniting Western Washington home sales. In the 21 counties in the MLS market area, home inventory is down almost 28% from a year ago. Locally, Whatcom and Skagit counties each have less than 5 months of supply of homes for sale.
In the midst of this low inventory market, record-low interest rates are paving the way for homebuyer affordability. As of May 31st, rates were reported at an all-time record low of 3.75 for a 30-year fixed average, and 2.97 percent for a 15-year fixed average.
Locally, this all translates into sales. Pending sales in Western Washington are up almost 22% from last year. The number of closed sales is up more than 20% to over 6000, the highest point since September 2007.
For more information, or to view some homes for sale in the area, please feel free to give me a call at (360) 298-0968, I'm happy to help. Thanks!