Seattle Market Update: No inventory!
The kids are almost out of school, the temps are up, and the lawns are starting to turn brown. It must be summer (in a few days anyways)!
The Seattle real estate market is suffering from severe inventory shortages (few people list their homes for sale) and motivated buyers are competing with many others, especially in desirable neighborhoods. Being a buyer is very frustrating and stressful right now. We’ve even had buyers take time out from looking because they have become emotionally exhausted with the process.
The Northwest Multiple Listing Service tracks sales stats for the Greater Seattle Area and shows that supply in May has dwindled to about 1.2 months in King County and 1.6 months in Snohomish County. Several neighborhoods near Seattle job centers have less than one month of supply. A six month supply of inventory is considered a balanced market – we are definitely in a seller’s market.
With demand for housing exceeding supply, you would expect prices to continue climbing, however, in King County, the median sales price for single family homes in May was $480,942 nearly the same as in April but 8.8% higher than a year ago. The rate of appreciation in some of the ‘hot’ neighborhoods since a year ago has been tremendous but some areas have only seen a modest change in value. As always, location matters.
Chicken before the Egg – So, if it’s a seller’s market, how come nobody is selling? Some people want to sell, however, they won’t put their house on the market until they can find a new house. BUT they can’t find anything new because there is no inventory. Let’s hope inventory loosens up and everyone who’d like to move can.
Our Listings
Currently all our listings have SOLD! Did we mention it is a seller’s market? All of our listings this year sold in a matter of a few days. We are ready to list your home – let us know if you are thinking of selling.
Summer Contest
Join our “summer-at-our-house” photo contest. Submit a picture from your house, balcony or yard that shows how you enjoy your summer at home. It can be a scenic shot of your landscaping, food you grilled on your barbie, something wacky or wonderfully weird – surprise us! Rules: Only one picture – must be submitted by July 15, 2015. Submit to us via email or on our facebook page. The winner will get a $30 gift card, the 2nd and 3rd prize will be a $10 gift card to a venue/store of the winner’s choice.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time, we’d love to hear from you.
We hope you enjoy the longer days and warmer temperatures.
Happy Summer!
*** Kerstin & Krisanne ***
Brooks & Heinze Real Estate Team
Skyline Properties, Inc.
Kerstin Brooks – 206.276.5827
Krisanne Heinze – 206.920.2541
Email: info@propertyinseattle.com
Kerstin G. Brooks, Broker 