Navigating the Puget Sound's Fast-Selling Market

By James Dainard


Many homes are selling within the first 30 days in the Puget Sound housing market even though housing prices in the Puget Sound market continue to go up and inventory remains tight.

A substantial number of new listings came on in March compared to February in King, Snohomish, Pierce, and Kitsap Counties. New listings rose 30 percent or more in each of the four counties, but the typical March volume is down in King, Snohomish, and Kitsap Counties, with Pierce County being the only county with more new listings than a year ago. In King County, the residential median home price in March 2017 was $599,950 vs. $560,000 in February, up 12.93 percent from one year earlier.

"We're seeing a booming market in King and Snohomish counties," said James Dainard, Heaton Dainard's cofounder and top broker. "More inventory in the market means our investors are finding better opportunities."

According to a recent market report from the NWMLS, over 75 percent of homes are selling within the first 30 days. Pending sales were down in King, Snohomish, Pierce, and Kitsap counties. Some of the smaller outlying counties saw an increase in pending sales. For example, Mason County was up 34.09 percent and Clallam County up 49.30 percent in residential and condo combined. The housing market is driven by inventory and pricing, but also by local jobs growth. Listings close to highly populated areas around major employers like Amazon, Microsoft, and Boeing are getting multiple offers as houses come on the market. Job growth is predicted to lower from 3 percent to the 2 percent range in the next year. Every new listing are getting more attention from home buyers, setting up many multiple offer situations, especially in the more affordable and mid-price ranges where 90 percent of sales activity is taking place. Sellers continue to get premium pricing for their homes.

Working with a Heaton Dainard broker on your individual investment plan is the way to start. Decide where you want to invest, and how much funding you need to take the next step. There are many options out there in a real estate market like today's. Heaton Dainard's expertise can guide you during the buying and selling processes. Let us help you decide where you want to invest, and what funding you need to take the next step.

Have you been to our free Investor 101 Class? Please join us every other Monday to meet our team and learn about the investment process.

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About the author...

James Dainard is Co-Founder and Managing Principal at Heaton Dainard. As a Managing Principal, he is responsible for the development and execution of corporate strategies, marketing, and property acquisitions. James has been actively investing in multifamily and single family units in the Puget Sound region for over ten years, and leads a dynamic team that exceeded sales volumes in 2016 of over $180 million with over 470 closed transactions. His business acumen adds value to Heaton Dainard by providing investors with inventory and multiple exit strategies. James graduated from University of Washington's Foster School of Business with a focus in finance and marketing, and was recently recognized as Co-Founder of one of the Washington's Fastest Growing Private Companies in 2013, 2014, 2015, 2016, as well as one of Inc. 5000's fastest growing companies in America 2015 and 2016.

REAPS is the oldest – and largest - Professional Association for the real estate investor this side of the Mississippi. We provide education and networking resources for real estate investors, those who want to be investors and anyone who provides value to our members. Our goals are to motivate and support our members and guests through education, discussion, legislative action and networking. We host over 40 live events a year around Puget Sound and they are all open to the public. If you've never attended one of our meetings, just email our office at [email protected] and be our guest for free!"

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