Homes listed for sale in King County, January 2014 through July 2016
The best is yet to come? Maybe. It seems that after many, many months inventory is starting to creep back again in the Seattle area.
Now, keep in mind we are still a long way from a healthy 5-6 months of inventory! But I’m hopeful that we may have turned the tide.
Prices have caught up a bit and while we are still seeing a lot of offer review dates, bidding wars, pre-inspections, and the like, it may be just a tad less crazy than a few months ago. (Like, 4 offers instead of 14. 5% to 10% over asking price, not 25% over.)
Taking a look at the bar chart, you’ll see the typical summer trend: more listings come on the market while sales dip. I don’t get why this always seems to happen, but so many people think July is a great time to sell! Maybe. In Minnesota. But here in fair Seattle, we go on vacation! When more buyers are taking a break, the market chills off. In a normal market, that would mean listings sit. Now, it just means the competition is slightly less fierce.
Active vs. Sold Listings in King County, August 2015-July 2016
At least you can also see an ever-so-slight increase in homes for sale this July vs. last August. I really, sincerely hope this trend continues. For the sake of all the weary buyers, and renters who just couldn’t seem to catch a break, we may be seeing the light at the end of the tunnel.