MSN's most recent real estate article studied the housing markets in the U.S. with the tightest inventories and fastest growing demand. Seattle and Portland were near the top of that list, with Portland taking the #2 spot and Seattle at #3.
As was stated in the article, for these select cities, "listings are practically evaporating as they come on the market". The inventory of home for sale in Seattle is down 36% year-over-year. Effectively, one out of every three homes available last year is gone this year, leaving the increasing pool of home buyers to fight over the 2/3 of homes that are left. While there are certainly still some overpriced homes that sit on the market for longer terms, we're seeing a staggering number of homes that are sold in the first two weeks on the market, especially in first time home buyer price ranges and close in to the major metros of Seattle, Bellevue, Kirkland, and Redmond.
From the article:
"'If (a buyer) is not there the first day a home comes on the market, it's gone," Brownlow says. Indeed, Brownlow says he recently had someone make an offer on a condo in Portland's downtown area without even seeing it.
Portland's neighbor to the north, Seattle, is also getting highly competitive, as 36% of the inventory has melted off the market, according to data from Realtor.com. (Realtor.com is an MSN Real Estate partner.)
"There's not an awful lot out there for sale," says Niels Brownlow, a broker with Coldwell Banker Barbara Sue Seal in Portland — especially, he says, on the lower end, as investors and first-time buyers vie for bargains.
This scarcity — and rising prices in half of the markets that Fleming's firm studies — should urge banks and other sellers to list more properties in coming months as the selling season and temperatures heat up. "This will bring people off the sidelines," Fleming says.
© SeattleHome.com - Sam DeBord, Managing Broker, Coldwell Banker Danforth