Real EstateUncategorized March 17, 2017

How Seller Gridlock is Controlling Seattle’s Housing Market

The typical winter cooldown is over and it seems like a scorching spring housing market is already underway in the greater Seattle area.

Recent statistics reported by The Seattle Times show “home prices in Seattle have nearly doubled over the last five years,” while the number of homes for sale has hit its lowest point since available records began in 2000.

Home prices in King County jumped up 6.7 percent last month from the month before giving us the biggest one-month jump since early 2015 according to The Seattle Times. The biggest increase, the report continues, hit the suburbs. This sharp increase comes after a few months of slower price growth that is typical of winter months.

Does this symbolize an early start to the spring market? When you combine these high prices with low inventory, an abysmal 1,400 homes available across King County last month, it would seem so.

Our inventory has become so low that fewer people are even wanting to sell their homes. KOMO News reports that our housing market is now facing “seller gridlock” because owners are not selling since they do not have any good options available for buying or upgrading their homes. KOMO also explains homes are being purchased faster than new listings can even hit the market.

According to the same article, not many expect the typical springtime increase in inventory to meet the demand our area is currently facing and could be facing for some time.

Key advice many are sharing is to get started in the spring market sooner rather than later. Right now is the perfect time for sellers to get the most out of their home and take advantage of current market conditions.

Read more from The Seattle Times and KOMO News.