Real Estate Insider: Seattle Market Update
There’s been a lot of discussion surrounding the current real estate market in Seattle. To give some context, we need to talk about balanced markets. A balanced market is typically between three to six months of inventory active on the market. This means, that if there were three months worth of inventory, it would take three months to sell — not including any new listings. A sellers' market is created when there is less than three months of available inventory and a buyers' market emerges when there is more than six.
Statistically, we are still in a sellers' market with a year-over-year increase of 29.3% of properties under contract. Here's the thing about that statistic, even though it's still a sellers' market, when you're out there it feels more and more like a balanced market for buyers because of the increase in inventory. Look at this Trend Graphix chart of the Seattle Metro area's single-family homes priced from $600,000 to $999,000.