We've been talking a lot about the lack of inventory in the Greater Seattle real estate market. The shrinking number of homes available for sale has not only affected the overall market, but it seems to be having a significant effect on the waterfront inventory as well.
"Months of Inventory" is a term we use that basically captures the absorption rate in the market: based on how many homes are selling each month, how many months would it take for the current market of active listings to be sold? While we had up to 19 months of inventory just a couple of years ago, we're now seeing just five months of waterfront inventory.
This basically puts us back into a sellers' market, which is a nice change of pace for the waterfront/luxury market. The upswing in sales at all price levels seems to be bolstering listing prices for this market segment.
King County Waterfront Homes - Real Estate Listings, Months of Inventory, Past 12 Months:
Months of InventoryMonth201120122013
Source: NWMLS - The Northwest Multiple Listing Service did not compile or publish this information.
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