We have less than one month supply of homes available for sale. In a balanced real estate market, there should be around a six-month supply of homes. Anything under six months supply is a seller’s market, anything over is a buyer’s market. Inventory cannot keep up with demand at this point. This of course means that prices are moving up as buyer competition drives them up. Area-wide, NWMLS figures show there is only about two weeks of inventory for single family homes.
New mortgage applications fell for the third straight week, the Mortgage Bankers Association reported. The combination of sky-high prices and a slight uptick in mortgage interest rates means prospective buyers have less purchasing power. We are also seeing some fatigue in first time homebuyers playing the “bidding war game”.
More builder inventory should finally be hitting the market in the coming months after slow-downs in construction due to restrictions and supply shortages had delayed construction last year.
3D-Printed Houses Arrive
Last month, the first publicly listed 3D-printed house went on the market in Riverhead on Long Island in New York. Soon, other homes will be available for purchase, such as the East 17th Street Residences in Austin, TX by ICON. As the technology gets perfected and communities accommodate their permitting process, entire communities are likely to be built this way. Industry leaders estimate that these extruded concrete or polymer structures can save 30% off conventional building costs and months of construction time. They are also much more energy-efficient and resilient to the elements.
Congratulations to our clients
Wyatt and Jessica closed on their Puyallup Highlands sale in Puyallup.
Sally closed on her Capitol Hill condo sale in Seattle.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Kerstin & Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541