Prices for Seattle real estate have risen significantly in the past year, according to the most recent stats from the NWMLS. Shrinking inventories of homes for sale have contributed to significant demand and an increasingly competitive buyer’s market in the greater Seattle region.
Northwest MLS home sales, which cover the Puget Sound region, are outpacing listings right now. Homes that are listed for sale are simply selling faster than brokers can put new homes on the market, causing the inventory for sale to shrink to a 3-month supply. Most analysts see a 6-month supply of homes as a balanced, healthy market.
The response from home buyers and sellers has been to drive prices up, with single family house sales rising 11 percent over the past year, and condo prices rising 16.6 percent in the same period. It has been over five years since we’ve seen these kinds of price increases, and the market’s lack of inventory points to a likelihood of increased prices until it balances out.
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