Seattle Market Update – May 2014

Tight inventory in King County is taking its toll on the market. The number of listings is down, however, prices are up.

How tight is inventory? King County has only 1.7 months of active listings. A 4-6 month supply is considered balanced, so it is solidly a seller’s market. We have a very motivated group of buyers, but the problem is there aren’t enough sellers. The closer to the city core, the tighter the inventory.The good news: We are starting to see inventory increases. The strong demand seems to be encouraging homeowners  who have considered selling to make the move.

With multiple offers the norm in most cases, sellers can expect strong returns for their property. The median sale price for single family homes sold in Seattle in April was $430,500, up 8 percent over a year ago.

The number of sales is down, but the only thing holding the market back is lack of inventory. Interest rates are still low, but economists are predicting that they will rise this year. If you can find a home you love at a price that works for you, it’s a good time to buy.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay