MLS figures for March show a surge in both new listings and pending sales compared to February as the spring … Continue Reading April 2018 Seattle Area Real Estate Report
It’s tough to be a buyer in the Seattle-Eastside real estate market right now! Homebuyers competing at mainstream price points … Continue Reading March 2018 Seattle Area Real Estate Report
Seattle inventory shortage causes a huge uptick in prices. Prices for King County homes and condos (combined) jumped 20.3 percent … Continue Reading February 2018 Seattle Area Real Estate Report
Seattle experiences lowest inventory levels in decades, maybe even history. Faced with the lowest inventory levels in more than three … Continue Reading January 2018 Seattle Area Real Estate Report
The Seattle area experienced one of the busiest Novembers on record. Brokers report brisk activity as we head deeper into … Continue Reading December 2017 Seattle Area Housing Report
Pending sales still up despite market uncertainty! Proposed tax changes that could affect homeowners and the typical fall slowdown has … Continue Reading November 2017 Seattle Area Housing Report
MLS brokers detecting seasonal slowdown in some areas but expect price hikes to continue in much of Washington KIRKLAND, Washington … Continue Reading October 2017 Seattle Area Housing Report
August real estate activity described as both “robust” and “stagnant” KIRKLAND, Washington (Sept. 6, 2017) – As smoke and ash … Continue Reading September 2017 Seattle Area Housing Report
Summer doldrums for home sales “not happening” around Western Washington KIRKLAND, Washington (Aug. 7, 2017) – New figures from Northwest … Continue Reading August 2017 Seattle Area Housing Report
“Typical summer slowdown” may mean opportunities for frustrated house hunters KIRKLAND, Washington (July 6, 2017) – For frustrated house hunters, there’s hope: the volume of new listings added to inventory during June (13,658) was the highest total for any single … Continue Reading July 2017 Seattle Area Housing Report
KIRKLAND, Washington (June 6, 2017) – Would-be buyers who have been shut out of the real estate market should test the “real estate waters” during the summer months suggests one industry leader.
“Summer might provide some competitive relief for weary buyers,” said Gary O’Leyar, owner of Berkshire Hathaway HomeServices Signature Properties, pointing to some of the newly-released statistics from Northwest Multiple Listing Service as indicators.
Noting that the trend of multiple offers is still prevalent in the Seattle market, O’Leyar stressed that’s not always the case in areas outside the immediate Seattle area. In fact, he added, the market may “cool off” a bit during summer months as weary buyers find vacations and recreational pursuits more alluring than being in competitive bidding situations.
“The real estate market is going absolutely gangbusters,” remarked OB Jacobi, president of Windermere Real Estate. “The remarkably low number of homes for sale can be blamed for the drop in sales,” he emphasized, adding, “The uptick in interest rates at the end of last year has clearly done nothing to slow things down.”
Inventory fell nearly 25 percent from the volume of active listings being offered a year ago. At the end of April, MLS brokers reported 10,679 homes and condos for sale across a 23-county area, which compares to the year-ago selection of 14,235 listings.
Viewed another way, there is only about 1.5 months of supply (about six weeks), which compares to twelve months ago when supply totaled about 1.85 months. (In general, four-to-six months is considered a balanced market.) There has not been more than two months of supply since September 2016.
MLS members continue to struggle to keep pace with demand. Brokers added 10,648 new listings to their database last month, down from 11,939 during April 2016, and they reported 10,514 pending sales. That total was down 893 transactions for a drop of year-over-year drop of 7.8 percent.
Northwest Multiple Listing Service brokers expected an uptick in the number of new listings during March, and that expectation was met with a significant gain – up more than 50 percent from February. Members added 10,321 new listings last month, but they also reported an even greater number of pending sales (10,447), leaving inventory near historic lows.
Home buyers are in a spring mood, but sellers are still hibernating, suggested one broker while commenting about the latest statistics from Northwest Multiple Listing Service. Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers, rising prices, fewer sales, and frustrated house-hunters.
Western Washington’s “high velocity” market continued during January with the number of pending sales (7,745) outgaining the number of new listings (6,507), according to new figures from Northwest Multiple Listing Service.