Lennox's Real Estate Blog

sharing my passion for real estate

Seattle is a Special Market for Residential Real Estate

A sellers’ market has returned in the areas close to the job centers of Seattle and Bellevue, up to the one million dollar price point.  We are also seeing the same situation in the more affordable price ranges in the surrounding market areas, caused by a shortage of inventory and healthy/strong sales activity. Price increases are muted by short sales and foreclosures that are causing low appraisal values.

Unique market conditions prevail: Both low inventory and low interest rates at the same time.

Major factors leading to the current healthy/strong sales activity are positive job growth, population growth, home buyers taking advantage of the low rates and lower adjusted home prices, elevated number of investors in the market and historic low interest rates, in the upper 3% range.

The lower number of new listings coming on the market is being caused by under-water sellers and sellers with equity holding off for higher prices and the lack of new construction/condominiums. The low number of new listings combined with the increase in sales activity is creating the shortage of homes for sale on the market in specific areas and price ranges.

As always, thanks for reading.

Lennox

Written by Lennox

February 3, 2012 at 12:53 pm

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