The Real Estate market has been tough on buyers and a bit of a cake-walk for sellers throughout 2015. Those needing homes in King County, and especially in Seattle, are feeling the pressure.
Let’s take a peek at why. First, we’ll look at Washington State as a whole:
The info is there to draw your own conclusions, but what’s happening is inventory is going down, buyers are going up, and as we all learned in Business 101… that drives prices up. Just to pin point a year after year change included is a graph of total listings from 2014. You’ll notice there are anywhere from 5000 to 7000 fewer listings per month. Bringing our current inventory in Washington State to 2.5 months.
Washington looks solid to say the least when it comes to the booming real estate market…but, let’s narrow in even further. If Washington State is a rising star…then King County just won American Idol.
King County has a dwindling inventory, multiple offer situation that didn’t seem to get stifled by the holidays one bit. Here’s a peak:
What we’re seeing in King County is an even slimmer line between those homes hitting the market and the ones that are selling leaving us with 1.9 months of inventory. On average month over month there is 1000 less homes on the market in 2015 than in 2014. Homes selling under list list price as an average stopped happening last January with the worst bidding wars happening in May.
Well, King County just won American Idol in the ‘rising stars of real estate’ battle… but, Seattle proper itself is JJ Abrams after Star Wars 7… Or, Russell Wilson SuperBowl 2014. Seattle is a phenomena worth looking at.
Over 9 of the last 12 months there have been more sales in Seattle than listings… what this means is a very small and dwindling inventory, which now resides under 1 months worth. Take a peek at average sale price vs. list price and it looks like buyers better plan to cover up to 5% over list price. List price is usually based off of previous months price per sf averages… in turn, prices are rising quickly. With a few hundred houses less for sale each month year over year and population numbers in Seattle growing constantly the house hunt is getting adventurous.
By the way a good balance of inventory is 4 to 6 months.
If you would like more area specific information for your neighborhood or county please feel free to email and one of our region specific agents will send your more detailed information.