More homes on the market! In both condos and single family homes, the number of homes for sale has made an uptick. With lots of buyers still out there, and the spike in interest rates increasing buyer urgency, the months of inventory supply is remaining steady. Prices continue to creep up for both condos and single family homes as consumer confidence keeps its momentum.
For Sale/Pending/Sold for single family under $750,000 in Seattle over the past 14 months:
Looks like more of the same this month. Listings are up, but so are sales. We are in the same pattern of more buyers than sellers, with prices creeping up each month.
Months of Inventory for Single Family Homes under $750,000:
Another “same old story”. 1.3 months of inventory has begun to feel like the norm and buyers are still facing stiff competition for well priced homes in desirable neighborhoods.
and then we move to condos:
For Sale/Pending/Sold for condos under $750,000 in Seattle over the past 14 months:
Those buyers looking for condos have a bit more to choose from than buyers looking for single family homes. The number of sold and pending homes had a tiny jump, where the number of homes available for sale continues to rise.
Months of Inventory for Condos under $750,000:
The small dip in inventory coupled with the increased number of condos for sale, is a strong indicator that more and more buyers are in the market for a condo.
In summary, not much has changed. If you are a buyer, brace yourself for a competitive market. If you are a home owner looking to sell, the time is still good and the prices are still strong.