Our local real estate market is seeing a huge surge in pre-spring activity. Mortgage rates are low and people are ready to move, especially to Bellevue and the surrounding suburbs.
However, our limited inventory is frustrating homebuyers. New figures from Northwest Multiple Listing Service show year-over-year increases in pending sales, closed sales, and prices, while inventory fell by double digits.
When measured by months of supply (the ratio of sales to listings), Northwest MLS figures show an inventory below four months. In comparison, brokers usually say four to six months of inventory is considered to be a healthy balance between supply and demand.
King County only has about two months of supply.
Blame brisk sales, as the number of pending sales–7,658–surpassed the number of new listings–6,989. A comparison of figures for our four-county region for the past 15 years indicate January's pending sales exceeded any of the prior years.
"The current inventory of homes available for sale has never been lower in my 22 years as a real estate broker," lamented MLS director George Moorhead.
It's safe to say that the real estate market in King County is going to take off well before the tulips begin to bloom.
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