Market Update: Buyers Need to be Bold

Gloomy weather and the start of the holidays did not deter thousands of buyers and sellers last month, based on the latest report from Northwest Multiple Listing Service (NMLS). And while competition amongst buyers has cooled slightly, sellers still have the upper hand.

Buyers in Seattle or the greater area have to bring a competitive, intentional offer to the table because demand is putting intense pressure on supply. Last month, 8,571 homes were sold yet only 6,455 were brought on the market.

Five counties throughout the area have the lowest amount of inventory available: Snohomish (0.24 months), Thurston (0.35) King (0.38 months), Clark (0.39) and Pierce (0.44 months). This means in Snohomish County it would only take 0.24 months to sell all homes currently on the market. For reference, a neutral market has anywhere between 3-6 months available inventory with a buyer’s market having 6 or more.

The total available listings in King County is down 60% from last year, which speaks volumes about the inventory shortage. Baby boomers who may be ready to move are hesitant to do so because of the increasing prices. Without uncertainty about where to go, inventory remains tight.

However, it’s possible that some new financing options on the horizon could help bring more inventory to the market.

If you have questions about buying or selling a home during this time, don’t hesitate to reach out, we’d love to hear from you.

Information sourced from NWMLS: Latest Press Release - November Statistical Data