The April 2012 Seattle Real Estate Stats are out…the RED on the map indicates a Seller’s Market of 0-3 months of inventory; most of the Seattle area is showing 2 months or less of inventory. This has snapped a 50-month string of negative numbers year-over-year price comparisons. Area brokers, buyers & sellers must be realistic in their expectations; the market recovery will be slow and incremental. Right now, demand exceeds supply, competition may intensify, especially for homes that are well-priced and in good condition in desirable locations.
So, the message I’m sending is that the local real estate market is back. The Seattle area is very low on inventory, interest rates are still at record lows and prices will only rise with time, making it a great time to buy now, if you’re contemplating the idea. New construction is tipping the scale right now. Builders slowed way down or stopped producing new homes altogether, during the last 5 years. Consequently, the consumer has been denied new construction, creating an intense demand with a short supply. New construction prices will rise faster, which will then fuel the resale market as well. As I said earlier, sales prices are on the rise, but all indications are that they will do so at a much slower pace than we have seen in the last 15 yrs.
Be prepared for a return of multiple offers and short listing periods for well-priced properties in good condition in many parts of the Seattle area.