Seattle Market Update
2020 is starting out as a seller’s market! In December, buyers had fewer homes to choose from in King County than any time since February 2018. To some extent, seasonal factors are at play as housing markets generally contract in December but the shortage in inventory was more than just a seasonal trend. Inventory for single family homes and condos (combined) was down by more than 30% in seven counties: Thurston (-54%), Pierce (-38.9%), King (-38.8%), Snohomish (-35.6%), Mason (-32%), Kitsap (-30.6%), and Skagit (-30.5%). There is only about 1.2 months of supply (6-month supply would be a balanced market). Available homes were quickly snapped up by buyers.
What does this mean for buyers looking to buy right now? Few homes to choose from and stiff competition from other buyers, as well as bidding wars driving up home prices. Whew!
Krisanne and I are working with motivated buyers and we can hardly get to the good homes fast enough with our clients before they go under contract! There are just too many buyers chasing too few properties. What a frenzied start to the new year!
Did you know?
The most expensive home to sell in 2019 in our area was in Hunt’s Point, WA. The 9,420 square foot home sold for $37,500,000. The second biggest sale was a $30,000,000 home on the waterfront in Medina. In 3rd place, another home in Medina on the waterfront which sold for $16,050,000.
Our Listings / Sales
We don’t have any home for sale right now but we are working with a seller in Shoreline and one in Kenmore to bring their homes on the market in the coming weeks. Stay tuned.
We’d love to hear from you
Life transitions such as growing a family, empty-nesting, dissolving a relationship, or other life circumstances often necessitate a change in living arrangements, let us know if we can help you with your next move.
Any questions, comments, or feedback? Contact us any time.
Happy New Year,
Kerstin
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com
Brooks & Heinze Seattle Real Estate Blog 