What’s Happening in the Market
Home sales continue to be slightly above last year’s totals in the areas tracked in this report. We are continuing to see double digit price increases spread out from the core of Bellevue and Seattle due to the somewhat exorbitant prices now demanded from the metro area Sellers.
Inventory hit an all-time low in February which at last count was 3 weeks of inventory if nothing new came on the market. (That’s weeks, not months!) We do expect to see an increase in listings in March and April, but Sellers are still wary of putting their home on the market with nowhere to go. Buyers and Buyers agents are having to be creative with their offers as we are seeing at least 50% of the sales occurring are done in multiple offer situations. We don’t expect this to change anytime soon!