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Northwest housing exercise heats up at begin of 2018 | 2018-03-12

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Housing exercise within the Northwest sped as much as begin the yr in 2018 regardless of fears that tax reform would gradual it down, based on the newest report from Northwest A number of Itemizing Service.

Though rates of interest are rising and stock continues to be tight, the native market within the Northwest stays aggressive, based on the report, which covers 23 counties in and round Washington state.

“It appeared like there would have been a chilling impact on the true property market at first of 2018 with the newly revised tax legal guidelines limiting mortgage curiosity deductions,” mentioned Gary O’Leyar, Berkshire Hathaway HomeServices Signature Properties designated dealer and proprietor. “Not solely did the revisions not have a chilling impact, if something, the native market has been even hotter and extra aggressive than final yr at the moment.”

Throughout February, the Northwest noticed a lower of about 2.8% in total pending dwelling gross sales as housing stock dropped a full 12.9%. However different key indicators of the market, together with new listings, closed gross sales, and promoting costs, all confirmed positive aspects in February in comparison with 12 months in the past.

Whereas pending dwelling gross sales had been down, closed gross sales elevated to five,548 gross sales in February, up from 5,358 gross sales this yr. Median dwelling costs on these gross sales surged a full 14.8%, rising from $335,515 final yr to $385,000 in February.

“As was the case the final two years, dwelling values spiked in February, due to a cyclical low level in provide,” mentioned Robert Wasser, Prospera Actual Property proprietor/dealer. “Costs are actually again across the peak ranges of final summer time, and cyclically talking, are headed for extra will increase till summer time arrives.”

Total, the Northwest holds solely about 1.four months of provide, nonetheless new building might quickly change that. The Pacific Northwest is presently booming with new dwelling building, bucking the nationwide pattern of newly-built single-family houses which dropped 7.8% in January.

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