Inventory Shrinking/Seattle Area

Good news!

The Northwest Multiple Listing service which serves 19 counties in Western and Central Washington is reporting inventory is shrinking, sales are rising and prices stablizing in some NW MLS areas. This is good news for us over here on the Olympic Penisnsula because this is where many of our buyers come from, but is also a good sign for all of us.

Pending sales are up by 17.7 percent over a year ago and up 3.5% from April to May. Active listings are down about 30% giving buyers less to choose from.

In Bellevue, an upscale suburb of Seattle there are reports of multiple offers in their lower end inventory (around $400,000). Rural areas are lagging behind the closer in markets, but activity is picking up there too.

It seems Builder inventory is beginning to dwindle and incentives are still available, but not as radical. Prices are down area wide about 10% from a year ago, but from January they are rising in 8 of the 19 counties and up 2.9 percent in the entire mls.

Area wide, the condo market is still very slow with pending sales down 15% from a year ago. The demand for high priced homes is also down.

The reason for this photo is that I do not have any good blogging softwear. I cannot find any good photos and the ones I do have will not stay put. Any suggestions?

http://www.porttownsendrealestatesearch.net/