You might have heard that we are currently experiencing an “inventory shortage” or that Seattle is in a “seller’s market”. What this basically means is that demand for housing is outpacing supply right now. That might result in higher prices and several buyers vying for the same property.
However, demand like this is usually limited to geographical areas or by price point. Therefore, let’s take a look at the Seattle real estate trends via different price points in our market and analyze how much inventory we currently have, how much inventory we had a year ago and the list to sales price ratios on the properties that have sold. A list to sales price ratio close to or over 100% is usually indicative of multiple offers.
As you can see, the demand for homes in the $0-$250,000 range is very high with the list to sales price ratio increasing considerably over last year. Surprisingly, luxury properties over $2,000,000 are also seeing very high list to sales price ratios.
In terms of inventory, we are seeing a big change in inventory in price points up to $450,000. However, $450,000-$550,000 has virtually no change over last year.
The above information can also be dependent on area. Some neighborhoods such as North Seattle are especially hot at the moment and are in dire need of additional homes to satiate demand.
I currently have 6 listings in Seattle with home prices between $420,000-$700,000. Five of them are pending – most in about a week, indicating high demand.
What does this mean for you? Your home is your investment. Investments in our area are performing very well right now due to demand for inventory in specific areas and specific price points. Whether you are thinking about selling right now or holding your investment for a few more years, I welcome you to give me a call. I welcome the opportunity to evaluate how your investment is doing! Please make an appointment with me today, Steve Laevastu, The Seattle Home Guy: (206) 226-5300 or firstname.lastname@example.org.