The Eastside market continues to be extremely intense.
“Our robust market has created extreme conditions and we¹re seeing frenzy hot activity on each new listing coming on the market,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We’re also experiencing some of the lowest inventory levels on record. Levels were driven down over the winter and we continue to see an extreme shortage of homes available for sale in the more affordable and mid price ranges where 90 percent of the sales activity is taking place. We are looking forward to some relief when more inventory comes on the market in March.”
Scott also says that some potential sellers are currently parked in a gridlock position because they are afraid to put their home on the market for fear that they either won’t find a home or they will find themselves in a multiple offer situation. This has stalled the migration pattern of sellers who would normally be putting their homes on the market.
“We are optimistic that these conditions will even out starting in March and then reverse over the summer as new inventory comes on the market in bigger numbers, but it will continue to be a competitive market in the more affordable and mid-price ranges, he said. “In March the greater number of listings will bring out an equally greater number of buyers.”
Karen Lindsay, Office Leader of John L. Scott Eastside, says pending sales are down this year over last year, but it’s most likely due to a lack of inventory.
“If we had more inventory we’d have more sales,” she said. “Buyers are making offers on several properties at once, throwing out a wide net, and still getting beat out in multiple offer situations. Even the luxury market is being affected. Our market desperately needs new homes for sale and we are hoping that the coming spring market will provide some.”
Median (residential only) home prices in King County jumped from $525,000 in January 2017 to $560,000 last month. In King County the median price for both residential and condo combined jumped 14.10 percent from $439,950 to $520,000.
In February we once again saw more pending sales than new listings coming on the market in the Central Puget Sound Region. In King County there were 11.9 percent more pending sales than new listings coming on the market, further depleting the supply of inventory.
Kellee Bradley is a spokesperson with John L. Scott.