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Pending Seattle Houses Rise 11% Outpacing Sales, Point to Big Real Estate Summer

By
Real Estate Agent with SeattleHome.com -Coldwell Banker Danforth

As the Spring real estate season heats up in Seattle, the number of homes going under contract continues to rise quickly.  The number of pending contracts for houses in Seattle grew 11 percent from March through April.  While total closed house sales were also growing, the stronger trend line for pending transactions shows a strong growth prospect for the upcoming summer months.  The faster home sales close, the faster buyers scoop up new listings the next month.

Seattle Houses: Pending transactions vs closed sales, monthly

Seattle houses pending sales 

For every month of record-breaking sales in Seattle, we're seeing the foreshadowing of a larger month in the pending statistics.  Seattle had 561 houses sold during the month of March, while there were 749 new pending sales that month.  Total closed sales increased to 659 in April, while pending sales made a similar increase to 831.

Projections at this rate show sales of houses across Seattle increasing another 11% in May, without any signs of slowing.  While inventory remains a bottleneck for the market, home buyers are simply becoming more aggressive and buying quickly.

At the current rate of home sales, we could near 1000 Seattle houses being sold in a single month by August.  Of course, sales usually slow down in late summer, and there are a plethora of other economic issues that could affect the current trend.  Still, the prospect of one thousand houses selling in a single month in Seattle is remarkable.  All signs right now point to increased buyer competition and a slight increase in available inventory.  If things stay as they are, the feeding frenzy will continue through the summer.

 

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