February 2017 Seattle Real Estate Market Update
Greetings! Above is our February installment of our Seattle Real Estate Market Update. Click on the image to watch. If you have any questions or feedback, please reply to this email and I'll be sure to answer your question next month.
For those of you who would prefer to read instead of watching the video above, here are the highlights:
This month I'm talking about Absorption Rate, which is basically the rate at which new homes coming on the market are sold. It's another way of looking at the velocity of the market. Technically, if the absorption rate is above 31%, then the real estate market is considered a seller's market.
Seattle has been a seller's market for the past six years, but the absorption rate continues to rise. For example, in January 2016 the absorption rate was 98%. Last month, in January 2017, the absorption rate was 132%! This means that all of the homes that come on the market are selling PLUS 32% more (by way of the existing inventory selling). Bottom line: demand is far outstripping supply.
As always, if you or anyone you know has any questions about real estate, please do not hesitate to contact us. We value your referrals.
JanusGroup at RE/MAX Integrity