Skip to content

Tag: King County Real Estate

2017-04 The Market Talks

May 2017 Seattle Area Housing Report

“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.

April 7th Seattle Area Housing Report

Many neighborhoods saw a slight cooling off this week with pending sales lower than the craze of last week. More new listings promised to come to market could ease the pain felt by buyers in this extreme seller’s market. Check out this week’s report neighborhood by neighborhood for details!

April 2017 Seattle Area Housing Report

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.

March 24th Seattle Area Housing Report

Sales increased this week at many price points in nearly every neighborhood throughout the Seattle-Eastside region. The $2 million and above price point continues to have more supply than demand, but otherwise the market very much favors home sellers.

March 17th Seattle Area Housing Report

News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.

March 10th Seattle Area Housing Report

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.

March 2017 Seattle Area Housing Report

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.

February 17th Seattle Area Housing Report

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.

February 10th Seattle Area Housing Report

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.

February 2017 Seattle Area Housing Report

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.

January 27th Seattle Area Housing Report

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.

January 20th Seattle Area Housing Report

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.