Seattle Real Estate Inventory…Where have you gone?

It is a great time to be on the market here in the Seattle Area.  A couple of weeks ago I wrote about the lack of quality inventory available in our market and how things are getting gobbled up quickly.  I’m finding in speaking with other agents, mortgage lenders, and industry professionals, that it is very much a seller’s market in terms of getting your home sold in a timely manner and having buyers fight hand over fist to get in the door.

I’ve been following the stats provided by a local real estate appraiser, Alan Pope, who has detailed the absorption of inventory (Pending Sales/Inventoery) in the closer in neighborhoods of Seattle.  Specifically the Central Area, Capitol Hill, Queen Anne, Ballard, Greenlake, and Northeast Seattle.  What we’ve seen is that the inventory in these neighborhodds is moving off the shelves briskly to say the least.  52% Absorption of inventory in February 2012, with 719 pending sales and 1374 listing inventory.  (We should have March’s figures early next week) Take a look at the inventory in these areas as well, down 36% from last year alone, while sales are up 10% over the same period.

Click on link to view chart(s): http://alanpope.com/Feb12/390_700-720.pdf & http://alanpope.com/charts.htm

This is ridiculus.  Buyers are losing out on properties left and right, and bidding wars are a constant.  We are even seeing in the outlying areas of Seattle where more and more inventory is getting snatched up quickly.  On a property in Burien, we received 3 offers within hours yesterday.  One in Ravenna, multiple offers within a day and half.

Time will tell how this progresses forward, but with the latest flurry it is looking like 2012 is well on its way to being a fun, exciting, and eventful real estate market in Seattle.

If selling is something you have considered; old axioms hold true…what drives the market is Supply vs. Demand.  Demand is high, supply is low.  Got Property?

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