Friday, April 25, 2014

Seattle Housing Crunch Continues as Home Prices Escalate

Have you been out home shopping lately?  If you have, you understand the challenges facing home buyers in the Seattle real estate market.  While the media keeps saying inventory is rising,  the numbers do not support this reality.

As a matter of fact in March for King County there was only a net increase of 85 new listings to choose from and in Snohomish County only 21.

This is doing nothing to help alleviate the serious shortage of available homes to buy.  A healthy inventory should be between 4,000 - 8,000 listings.  However, we remain at an anemic level 3,258.  We need at least another 1,000 listings to come on the market to get to a healthy supply level.

Home prices are heavily influenced by supply and demand.  While the spring home buying season heats up and demand grows watch for prices to continue their rise.