Brokers suggest improving inventory may mean
“season of opportunity” for weary house hunters
KIRKLAND, Washington (June 6, 2017) – Would-be buyers who have been shut out of the real estate market should test the “real estate waters” during the summer months suggests one industry leader.
“Summer might provide some competitive relief for weary buyers,” said Gary O’Leyar, owner of Berkshire Hathaway HomeServices Signature Properties, pointing to some of the newly-released statistics from Northwest Multiple Listing Service as indicators.
Noting that the trend of multiple offers is still prevalent in the Seattle market, O’Leyar stressed that’s not always the case in areas outside the immediate Seattle area. In fact, he added, the market may “cool off” a bit during summer months as weary buyers find vacations and recreational pursuits more alluring than being in competitive bidding situations.
Ken Anderson, president/owner of Coldwell Banker Evergreen in, agrees. “No one is talking about the large number of new listings coming to the market,” he notes. “New listings are at a seven-year high, and fifth highest all-time in our South Sound market,” according to his analysis.
Northwest MLS brokers added 13,497 new listings during May, improving on the previous month by 2,849 listings for a gain of nearly 27 percent. Compared to a year ago, the volume of new listings increased about 10 percent. Total active inventory is down from a year ago, but about 6.8 percent better than April.
The latest statistics show inventory system-wide is still squeezed (down 17.9 percent), pending sales rose slightly (up 2.7 percent), and sales prices are still rising (up 11.2 percent) compared to a year ago.
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.
Our analysis shows every region in the greater Seattle area with an average sale price of 100% or more of the list price. While every house and situation is different, the averages give us an overall scope of the market.
Average Sale Price % of Listed Price by Area
North Seattle 110%
East Bellevue 108%
South Seattle 107%
Eastside South 106%
Queen Anne 105%
West Seattle 105%
Central Seattle 104%
E Lk Sammamish 103%
Seattle Condos 102%
West Bellevue 102%
Mercer Island 100%
Bellevue Condos 100%
Click here for the full report and neighborhood-by-neighborhood statistics!
© Copyright 2017, Windermere Real Estate/Mercer Island | (206) 232-0446 | firstname.lastname@example.org | 2737 77th Ave SE, Mercer Island, WA 98040. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.