Market Update for Greater Seattle Metro and Eastside Markets
The latest stats are out from the NWMLS and the story of our current market is best told when comparing January to April of this year. (Month’s end reports post around the 6th of the following month)
The red line above, Pending Sales (off the market and not yet closed), depicts real-time demand.
We continue to have very limited inventory (light green bars above) resulting in multiple offers in many price categories as buyers snap up new listings (red line). Motivated sellers are smart to come on at a strategic price paying attention to the year-over-year data, while also paying mind to the inventory shortage.
Even with low supply and moderate demand, not all listings are selling in multiple offer scenarios. We are still seeing lingering listings needing price reductions to attract the right buyers and even some expired listings that did not sell during their listing period.
This underscores the need for Sellers to be very up to speed on the market when selecting the right strategic listing price to match the condition and presentation of the home.
If you are a BUYER: Make an Offer! Start a conversation. We have so many examples of successful transactions because a buyer worked with their broker to engage the seller in a conversation.
All in all, the market is headed in a positive direction, and the spring sales reflect that.
This is a market of opportunity. DON’T MISS IT!
Digging into the details for the Greater Seattle Metropolitan area and the core Eastside…