It's certainly an odd market as inventory remains low while pending sales and closed sales have continued to climb. This is an incredible seller's market if you're thinking of selling your property!
The number of home and condo sales have jumped 15 percent last month over the previous year. According to the Northwest Multiple Listing Service (NWMLS), home prices have also jumped 9 percent.
In a balanced market, there is a four- to six-month supply of inventory. But in King County there was only 1.2 months of inventory last month, and several neighborhoods near Seattle's job centers had less than a month of supply.
As inventory has fallen, sales activity is at record high. During the first five months of the year, the number of pending sales in the four-county metro outpaced the previous record set in 2005.
The irony of our current housing market situation is there are plenty of people who want to sell, which would fix the Puget Sound's need for inventory. However, some are feeling they may not be able to buy something new until there are more homes on the market.
This may be what we see in the near future, but this is no housing bubble. I have no doubt the market will find a way to balance itself out.
Check out the original article on Puget Sound Business Journal for more information.
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