In its January 6, 2016, release, the Northwest Multiple Listing Service (NWMLS) quoted a broker as saying: “The lack of inventory makes buyers twitch when a new listing hits the market.” No wonder, because area-wide there was a supply for just under 1.8 months. In King County, inventory dropped to less than one month (0.84). This means that in less than a month there would be no King County homes left to buy if no new homes came on the market.
Worse than in 2014
In January 2015, the monthly news release of the NWMLS stated: Figures show about 2.8 months of inventory system-wide. Commenting on the scarce inventory in some areas, the head of a real estate company advised, “Anyone thinking of buying a home should do it early in 2015!”
Cash sales and multiple offers
Although the percentage of sales that are cash sales is dropping, in 2015 they still accounted for a substantial portion of Seattle are home sales. For example, the number of cash purchases for single family homes was still 40% in the 98004 Zip code area of Bellevue.
So, why this persistently low inventory?
For the answer and more on the subject of low inventory visit SERENE - SeattleRealEstateNews.com