Its good news again for the Seattle and Eastside housing market. We are seeing the inventory coming down, multiple offers pouring in and homes selling faster than we thought. Check out this article from the SeattlePi.
Seattle house prices rose for the second month in a row in March, the Northwest Multiple Listing Service reported Thursday. One reason is an extremely low supply.
“Close to the job centers, 45 percent of new listings are selling within a single month,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in a listing service news release. “We are seeing a frenzied market in the Puget Sound region, especially in the more affordable and mid-price ranges, with an increase in sales activity in the high end.”
The median sales price for a Seattle house that sold in March was $397,000, up 3.1 percent from a year earlier, after a 2.8 percent rise in February. March’s median was up 8.8 percent from February’s, although seasonal fluctuations can complicate monthly comparisons.
King County’s median price, $330,000, was down 4.35 percent from a year earlier but up 7.1 percent from February.
The median condo price was $236,500 in Seattle and $175,00 countywide, down 11.8 percent and 22.1 percent, respectively, from a year earlier but up 17.1 percent and 9.4 percent from February.
Sales actually fell 2.1 percent in Seattle from a year earlier, while rising 10.5 percent countywide. Pending sales, which don’t all close but can be the best indicator of recent activity, were up 15.4 percent in the city and 26.9 percent in the county.
But, with few new homes hitting the market, supply fell to 2.8 months worth of homes for sale at the current pace in Seattle and 3.2 months of supply countywide. That’s down from 4.4 months and 5.6 months, respectively, a year earlier.
“Buyers are screaming for more inventory and they’re being more aggressive with presenting offers on homes,” George Moorhead, branch manager at Bentley Properties in Bothell, said in a listing service news release. Home shoppers perceive the bottom is nearing, he noted, “and both buyers and sellers want to catch the historically low interest rates.”