Five of top 10 U.S. housing markets situated in Washington State
December 14, 2016, WALTHAM, MA – A closer look at the country’s top housing markets shows Washington State has some of the best performing communities in the nation.
A recent monthly market report from Pro Teck Valuation Services, a national provider of residential real estate valuation, reveals Washington State had five of the top 10 performing housing markets in the country during the month of November. The CBSAs included:
- Tacoma-Lakewood, WA
- Spokane-Spokane Valley, WA
- Olympia-Turnwater, WA
- Bremerton-Silverdale, WA
- Mount Vernon-Anacortes, WA
All five CBSAs received a perfect score on Pro Teck’s monthly market report — a data-driven summary that ranks the nation’s top performing housing markets based on directional trends.
Tom O’Grady, CEO of Pro Teck Valuation Services, notes that one of the reasons five Washington metros appear to be dominating the top housing markets in the U.S. is because of a lack of available housing stock in each community.
“All five metros have less than three months of remaining inventory,” said O’Grady. “That means that based on typical number of sales in these markets it will only take three months to sell all of the current inventory. This lack of inventory signifies a sellers’ market where demand exceeds supply, causing prices to rise. A stable market typically has around six months of remaining inventory.”
Four of the five CBSAs have home prices at all-time highs, with the Tacoma-Lakewood CBSA the only one not at an all time high (but only 3% below). Tacoma has the highest percent of foreclosure sales as a % of regular market sales (9.12%), slowing Tacoma’s appreciation compared to the other four communities. O’Grady believes as this number begins to decrease, sales prices should reach all-time highs.
Reporters interested in learning more about what’s taking place in Washington, please email your inquiry to email@example.com. Pro Teck’s valuation experts are also able to deliver any national, regional or metro level housing data tailored to meet your story needs.