April 2017 Seattle Real Estate Market Update
Hello My Favorite People! I hope you've been able to enjoy the few hours of Spring that we've seen in the last month :-) Luckily, we have not noticed, as we are keeping busy, listing and selling homes and having a lot of fun helping our clients move. Click above to watch the video. Thanks for watching!
For those of you who would prefer to read instead of watching the video above, here are the highlights:
I have discussed Absorption Rate before, back in February and March - back when the Absorption Rate was 133%. Now, it is 176%!! That means that we have roughly 2.5 weeks of inventory. Why is this happening? We saw a 6.5% drop in pending listings last month. But, we also saw a 34% drop in new listings coming on the market. So while fewer properties are selling, even fewer new listings are coming up for sale. An unprecedented seller's market. I know I've been saying this for months, but now really is the time to sell your home in Seattle. Supply is simply not keeping up with demand. Across King County, we have seen the median home price rise 12% year-over-year, to a new high: $599,950. As a home buyer in Seattle, this means that you need to be aggressive, and ready to waive contingencies, but, more importantly, you need to be patient. I'm telling all of my buyers that they need to have a mindset of patience. Patience is the name of the game. You may need to re-align your expectations as a home buyer, but if you are patient and prepared, we will help you find that perfect home.
As always, I love to hear from you. Keep the feedback coming - and please let me know if you have any questions that you'd like me to answer next time!
Aaron Janus, CRS, ABR