Mason County home sales are up over 2013 sales for the first three months of 2014. The number of sales are up 20%, the median price is up 15% and the average time on the market for sold properties is down 16%. All good signs.
Mason County like many Counties in Washington is lacking new listings priced at market prices. The average time on the market for the active listings is 173 days compared to 108 days for sold properties. The median price for sold properties in Mason County is $142,500 compared to the median price of active listings which is $189,000.
"The only thing holding back sales is the lack of inventory," said John Deely, a member of the Northwest MLS board of directors.
There are many reasons potential sellers should consider selling now," said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate in Seattle. There is less competition now at the beginning of the spring selling season (usually the busiest time of the year) and interest rates are still very low but will likely rise, he noted.
"Now is a great time for move up sellers/buyers who can sell their home quickly and secure another at today's prices and today's lower interest rates," Gain suggested, emphasizing, "Buying a home today is going to prove to be a smart investment in the long run."
Gain also said there are more first-time buyers than he has seen in many years. "Many are very well qualified for a mortgage and have more than minimum down payments. It's heartbreaking to have so many good purchasers and not enough good inventory to satisfy their needs."