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Here is my latest Market Update!
The spring market set the stage for an interesting summer so far. We did not see the predictable rise in housing inventory that spring historically brings. So, with a serious shortage of inventory, record low interest rates and excited buyers, the heat has been turned up on the Seattle real estate market. Multiple offers, pre-inspections and (dare we say it) appreciating home values have been the theme for Summer 2012.
Seattle inventory is light with 1.8 months worth of houses for sale at the current sales pace in June, down from 3.2 months a year ago. King County is at 2.5 months, down from 4.3 months worth of inventory a year earlier. With inventory at such a low level, we are seeing buyers make multiple offers on
well-priced homes as they come onto the market.
There's a "critical shortage of listings," particularly under $500,000, said Mike Skahen, the owner/designated broker at Lake & Co. Real Estate. "It is not unusual for more than 50 buyers to come through open houses." SeattlePI.com, July 5, 2012.
It continues to be another interesting year in real estate with what appears to be a positive shift in the housing economy. If you have any questions or would just like to chat about the market, please feel free to reach out. I would enjoy the opportunity to talk with you.