This week saw the market shift even more extremely to the seller’s favor as inventory diminished even further (as if that were even possible). Our market continues to lavish sellers with a dream list of terms as buyers scramble to compete for the limited supply of homes for sale.
This week saw a significant uptick in new listing activity in many areas and price points. A sign of things to come? We can only hope!
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.
The market is beginning to wake up from a long winter’s slumber. Will it bring new listings and more balance between buyers and sellers??
Increased pending sales have further diminished the supply of homes for sale-leaving slim pickings for buyers-especially at price points below $1 million in core metro neighborhoods of Seattle and all of Bellevue. Word on the street among local realtors is that many new listings are coming to market next week. While very welcome news to the ravished home shoppers out there, it falls desperately short of the inventory needed in the market to keep us from teetering into the abyss of an unsustainable seller’s market.
Pending sales were up in more than half of the region’s neighborhoods. Diminished inventory of available homes for sale continues to be a huge obstacle for home buyers. With local employers such as Amazon adding more than 110,000 workers, regionally and across the globe, and a shortage of buildable land, it’s no wonder housing supply is so tight.
Opportunity exists for buyers who get to the game early. We are seeing some properties go under contract with few or no competing offers.
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.
This week marked slower sales activity in many areas as many new listings trickle onto the market. Perhaps buyers are playing the wait and see game? With prices expected to rise further this spring, buyers may not want to sit on the sidelines too long.
Fewer new listings this week. Solid sales activity decreases the supply of available homes in most areas. Even the $2 million+ market looks favorable to seller this week.
Click to view annual market reports for Mercer Island, Seattle and The Eastside. Published January 2017 WATERFRONT ANNUAL REPORT: Click … Continue Reading 2016 Real Estate Report for Seattle, Mercer Island and the Eastside
If you follow Windermere Mercer Island on social media, a week ago Friday you saw our brokers attended the 2017 Eastside … Continue Reading 2017 Windermere Real Estate Eastside Kick-off: We're Ready For What This Year Will Bring!
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A lot of new listings this week with pending sales nipping on their heels. Much to the dismay of many potential home buyers, this looks to be an early start to strong seller’s market in 2017.
A frozen start to our new year didn’t seem to dampen home sales.