The Seattle market has really heated up. We continue to see a decline in the total number of available condos and houses for sale, yet buyer demand (as seen by the number of pending listings) continues to go up.
Total Houses for Sale:
We have significantly fewer homes for sale now than we did the last part of 2019. We also have about half as many homes for sale now as we did this same time last year.
Houses and Condos Pending:
Now look at! Condo demand is up slightly, but demand for houses in Seattle has gone through the roof.
What It All Means:
Supply and demand is the key driver of real estate. We would expect the Seattle housing market to be quiet time of year, but buyers are out early and in full force. The offer review date is making a comeback, and open houses are seeing a lot of traffic. If you are thinking of selling, jump on this window of opportunity and get your freaking home up for sale NOW. If you are a buyer, be prepared to compete in a multiple offer situation, or be prepared to wait til September, October and November when the market should slow down due to the upcoming presidential election.