Looking back at 2017, the number of homes on the market in the Seattle metropolitan area had dropped 10 percent from the previous year—fueling Bidding Wars and a tough market for buyers that was felt all year long. Now, at that same time in 2018, inventory is even worse, dropping an additional 19 percent from this time last year, according to the latest reports.
In the metropolitan area, which includes King, Pierce and Snohomish counties, that inventory drop drove bidding wars in 2017 with 52.4 percent of home sales ended up above asking. Now in 2018 we are faced with an even bigger inventory crunch, that’s not expected to stop anytime soon. Adding to that slowly raising interest rates and buyers are becoming more and more aggressive and in fact “Desperate” to find a home.
Listing prices have grown, too—and while those initial listing prices may shock many, the final prices after bidding wars are many times simply astounding.. Homes on the Eastside saw a year-over-year increase of over 18 percent, with a median home value of $938,000. Even more astounding, as people are pushed farther out from the Seattle and Eastside core, area in North King County like Edmonds and Shoreline and Woodinville are seeing price increases nearing 30%.
Along with decreasing inventory and rapid price growth this presents another incredible window of opportunity for sellers, and continues to be a challenging market for buyers. Strategically positioned listings will see peak performance, and buyers need to be well prepared and poised to move quickly as they navigate our current local market.
Learn more about how to navigate the current market and it’s challenges on both sides HERE