It’s that time again! Time to review the boring data and graphs for the Seattle housing market. Let’s kick this snooze-fest off with a glimpse of the months of inventory.
As we have been hearing in the news, and as us Realtors have been struggling with, inventory (the number of houses available for sale) just keeps going down. We thought it was bad in February, but March dropped even lower to 1.5 months supply for condos and 1.1 month supply for single family homes in Seattle.
Inventory for condos under $750,000 in Seattle over the past 14 months:
Inventory for single family homes under $750,000 in Seattle over the past 14 months:
The months supply of inventory paints a desperate picture. So does the monthly counts for Sales, Sold and Pending listings. The number of pending and sold properties far outweighs the number of active listings. Due to quick sales and lack of inventory, buyers are facing a huge hurdle and sellers are in control of the market.
Condo trends in for sale, sold and pending over the past 14 months:
Single family homes under $750,000 trends in for sale, sold and pending over the past 14 months:
This is something I have never seen before. The number of pending homes (687), has far surpassed the number of active listings (528). How the Seattle market is going to be able to sustain this type of growth is beyond me.