The Impact on the Grays Harbor Real Estate Market
Nationally, with listing inventory down 52% from a year ago, bidding wars are skyrocketing. As a result, home prices are climbing. “Today, there can be little doubt that the lack of available homes on the housing market is one of the biggest challenges potential homebuyers must navigate.” says Sean Robles, Managing Broker for Oly Pen Real Estate. Robles continues, “this is as true for people looking to buy homes in Grays Harbor as anywhere else in the region.”
Latest Jobs Report can Spur New Home Construction
One answer to this challenge is to build more homes to satisfy the demand. The latest jobs report gives hope for new housing construction, and therefore brings hope to buyers as well. Here’s what three industry economists said about the increase in construction jobs revealed in the report:
"Construction jobs boomed in March, one of the largest monthly gains ever. This raises the prospect for more home building and more inventory reaching the market in the upcoming months. The housing market has been hot with fast rising home prices but has been constrained by a lack of supply. By hiring more workers and building more homes, home prices will move to a manageable level to give more Americans a shot at ownership.”
“Great jobs report for a housing market in an inventory crisis. Residential construction building jobs increased 3.9% from pre-2020 recession peak in Feb. 2020. The construction industry remains a labor-intensive industry. We need more hammers at work to build more homes.”
“Good job numbers in March for residential construction. 37,000 gain from Feb to March. 3.03 million total employment for home builders and remodelers, and up 49,100 from Jan 2020.”
As the Economy Improves the Overall Housing Market Will Follow
An improving economy with a falling unemployment rate will benefit households across the country, as well as the overall housing market.
We are on the horizon and some wonderful opportunities in Grays Harbor. If you are among those who are considering buying a new home in the Grays Harbor region or looking to sell your existing home please consider giving Sean or one of the other members of the Oly Pen Real Estate Team a call. They have the experience to help you achieve your goals!
Oly Pen Real Estate has a team of trusted real estate professionals to help you navigate changes in our industry. We have a watchful eye on Grays Harbor market so give your Oly Pen Real Estate Team a call today at 360.249.8187 or stop by our office 141 S. Main Street in friendly Montesano, WA and discuss your expectations today!