Friday, February 21, 2020

Spring Activity can be a Harbinger for Summer

The first teases of spring are in the air round these parts. Yesterday the temp climbed up into the mid 50s and the sun was ablaze in a clear blue sky all day. My listings all got extra action this week under all that sunshine. That is sometimes a sign of what is to come when the "real spring" arrives later in March.

The early question is whether or not we will see a rush of listings to fill the demand of a hungry market. Analysts seem to think 2020 will be a solid if not modest marketplace for Clark County, WA. New construction continues to add inventory but most of that is in the middle market with pricing between $450-$600k.

Buyers in that sub $450k market typically have to buy a smallish new house or a larger resale home. The resale market has been tight with fewer listings than buyers and that makes things a bit nerve racking for the buyer in that starter price range. Buyers in the middle to upper end of the price range can relax a bit as inventory exceeds demand at the moment. It isn't that there is a glut at the top, just a slight advantage for the buyers. Once you breech the seven figure market buyers tend to be a bit picky regardless of market conditions. 

If March and April bring an above average boost to the inventory we might settle in for a neutral summer. If owners continue to hold on to their homes it could be a long summer for those beleaguered buyers. Only time will tell, but March is just around the corner and if the 3rd month is warm and springlike, we could see the rush early this year.

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