This spring market is very busy! As the spring goes on, there are more buyers in the market and we are starting to see “for sale” signs popping up on lawns throughout the city, closely followed by “sale pending” signs. How has the market changed since last month?
Inventory of Listings
The number of listings have increased in each of the Seattle areas since last month which is typical for a spring market. This increase has provided some relief for the strong demand, but pendings have also increased which shows that the demand is still very high. It is only when we see a trend of the number of active listings increasing without a corresponding pending increase that we will know that demand is waning.
Below is a table comparing the number of active listings (supply) and pendings (demand) for several of our Seattle neighborhoods:
You may note in the above that Central Seattle’s inventory grew the most and didn’t see a matching growth in pendings as of the end of April. It is apparent that sellers recognize the opportunity that exists in the market right now and have decided to take advantage of that. With the increased number of buyers in the market, I expect to see the number of pendings to increase in Central Seattle next month.
Furthermore, take a look at Queen Anne / Magnolia where the inventory has increased by 7.91% but pendings have increased by 12.62%. This shows us that demand in this area is particularly high.
Median Sales Prices
Median Sales Price changes have increased in all the below areas year over year comparing April 2014 with April 2013 as well.
You need an expert to keep up with the constant changes in this market. If you need information on your real estate investment, please contact me at email@example.com or give me a call: (206) 226-5300.