Availability of for sale housing declines across the Puget Sound
The number of houses for sale in the Puget Sound has decreased significantly since the beginning of this year.
October 16, 2019
- The number of houses for sale in the Puget Sound has decreased significantly since the beginning of this year. If the current rate of sales held steady and there were no additional homes put on the market, it would take 1.6 months to sell all of the houses currently listed in the Puget Sound. A market is considered balanced (neither buyer nor seller favorable) if supply is in the 4 to 6 month range.
- Despite this recent decline in available inventory, median home prices have held steady as of recent, and have remained virtually unchanged going back to April of 2018.
- While prices across the region have remained flat, pricing has been far more dynamic at a more micro level. The City of Seattle has seen prices decrease 11 percent since the peak in May of 2018. During that same time period, Everett and Tacoma have seen median price increases of 4 and 6 percent, respectively.
- And despite the lack of for sale housing, Seattle specifically has luckily seen a robust multifamily development pipeline. Seattle is one of the fastest growing cities in the nation and has attracted talent from both the U.S. and abroad. Multifamily developers are currently playing a pivotal role in housing this newly relocated talent.
Source: Redfin, NWNMLS