The Seattle area’s inventory challenges are continuing as we finish out the first quarter. This real estate market is allowing sellers to sell for top dollar as long as they are priced at market when they list. There are also opportunities for people moving out of the area (even to Snohomish, Pierce, or Kitsap counties and further out) as though inventory is starting to affect those areas as well, the overall demand is not as high as it is in Seattle.
Here is a closer look at what is happening in Seattle and some key neighborhoods:
Inventory and Pendings
Seattle’s overall inventory has grown by 12 listing since December (859 in December versus 871 in March). In the meantime, pendings have leaped by 538 in December to 1,268 for March. It is unusual to have that number of pendings compared to the total inventory.
Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing March 2014 and 2015.
Median Sales Prices
Consistency is the word for March! Just as the above inventory has decreased throughout, pendings have increased, prices have increased as well. Belltown is just beginning to see a comeback after a temporary lull, but pendings have skyrocketed (up 100% over last year) and prices are up a modest 2+%. The price increases in the other areas have seen a much stronger increase.
I would love to talk with you about your real estate investment goals or let you know where your home stands in relation to today’s market. Contact me at sold@windermere.com or give me a call: (206) 226-5300.