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The two main reasons home-owners invest in remodeling are 1) to increase the value of the home and 2) to improve their enjoyment and comfort in the home. According to the third annual “Remodeling Impact Report” from the National Association of the Remodeling Industry (NARI) and National Association of REALTORS® a new roof is still the best investment for both recouping cost and home enjoyment.

The report looks at 20 different remodeling projects (12 interior, 8 exterior) and ranks them by estimated cost, cost recouped at time of sale, and the happiness of the home-owner with the project. One thing it makes clear about remodeling projects is those with the highest appeal to home-owners can have a very low cost recovery figure.

 

• Accepted Deals Outpace New Listing Again
• Inventory Levels Continue to Tighten
• Home Values Increased 10.8% from Last Year

Both inventory and pending sales dipped to their lowest levels since April, while prices still increased by double-digits in most of western Washington.

Current market supply is about one month and, until we have at least a three-month supply, we won’t see a normal market. But, we’ve seen these low inventory levels since 2013, so maybe this is going to be the new normal. In Western Washington, overall inventory is about 1.4 months of supply; in King County, supply has dwindled to 0.79 months, and only slightly better, at 0.89 months, in Snohomish County.