Have you been hearing that we’ve hit the bottom of that proverbial real estate market for the Seattle area…well, it does appear so. I like to let the stats do the talking, but here are a few of the major highlights:
- Lowest inventory levels since early 2007
- 2.3 months’s supply of inventory (if no new inventory, it would take 2.3 months to sell all active listings at the sales pace we are experiencing)
- Active residential listings are down 29% from a year ago
- Pending residential sales are up 16% from one year ago
- Closed residential transactions are up 8% from a year ago
- Median closed sales price is down 2% from a year ago for the Eastside & Seattle; King County is down 8%.
- The closer to the job centers of Bellevue & Seattle are proving better for the real estate market.
The Seattle area and especially the Eastside have moved into the Seller’s Market…0-3 months of inventory!! We haven’t seen this much RED in I don’t know when!!