The tight real estate inventory in the greater Seattle market continues to have a constricting effect on home buyers' choices. Home sellers in the region have been in a strong negotiation position since early 2013, and it appears that trend will continue.
Seattle itself has just 1.5 months of inventory available for sale currently, according to the NWMLS. This is significantly lower than the 4-5 months of inventory expected in a balanced real estate market. Across King County, the number of homes available for sale is similar, with just 1.86 months' supply.
As home sales have naturally slowed as we head into winter, the total sales numbers are still year-over-year gains. There were 5.3 percent more homes sold in the NWMLS territory in November than in the same month last year, with pending sales also increasing 1.6 percent.
Median home prices across the region are currently showing a 4.9 percent increase year-over year, with condos showing the biggest appreciation at 14.2 percent. Single family homes drove a larger portion of total sales, with a 4.2 percent gain in median prices of sold homes.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
Source: NWMLS Stats - The Northwest Multiple Listing Service did not compile or publish this information.
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