January Was A Cold Month But Residential Real Estate Hardly Froze Solid

Dated: February 23 2017

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January's streak of cold, snowy weather may have chilled the residential real estate market a touch, but overall numbers were largely solid, according to the newest Market Action Report from the Regional Multiple Listing Service.

New listings in January were way up over December — by some 56 percent — though Dustin Miller with Realty Trust cautioned that such a rise happens every January. Many listings are cancelled in December and "given a fresh look" in the new year, he said. Compared to January 2016, new listings were actually down last month about 12 percent.

Home prices were up 12 percent in January over last year, though inventory remained low.

Prices, however, continued to soar across the metro region, with the average price over the last 12 months increasing to $355,600 by the end of January. That was up 12 percent over January 2016. During the same time, the median price was also up nearly 13 percent, from $309,000 to $350,000.

Total market time in January rose nine days to 58 days, and inventory climbed to 1.7 months, still considered to be a very tight supply.

Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in an email that inventory continues to be "dangerously low in all areas near job centers, creating high demand." The slower winter months have still had some good activity, he said, and that will only increase as we head into spring.

"As the days start getting longer and warmer, the future will look brighter for the backlog of buyers who have been waiting to get a home," Scott said. "February is the bridge month between the winter and spring markets. We will start to see an increase in the number new listings come on the market."

By Jon Bell at Bizjournal.com

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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

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