Seattle Home Shortage Could Continue for Years

Seattle, Washington

Typically home-buying activity falls off during the summer months, but not this year in the metro Puget Sound region, where buyers are competing to buy fewer homes while paying significantly higher prices.

The lack of condos and houses for sale is nothing new as real estate agents have been clamoring for additional inventory for more than a year. Now the shortage is getting worse even though slightly more homeowners are putting their condos and houses up for sale. But it’s not nearly enough to keep up with demand, according to a report that the Northwest Multiple Listing Service (NWMLS) issued Monday.

“The only real problem we are experiencing today is the lack of inventory,” said real estate broker Mike Gain, CEO and president of Berkshire Hathaway HomeServices in Seattle. A year ago in June, there were 13,650 condos and houses for sale across the four-county metro region. Today, there are only about four-fifths as many. The decrease comes as demand among buyers grows. Last month, pending sales shot up to just over 8,600. That was 14 percent higher than in June 2014.

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Authored By Marc Stiles – See the Full Story at BizJournals.com

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