King County’s Absorption of Inventory, the percentage of homes in pending status versus homes on the market, was 44.3% last month!!!
Last time we were even close to those levels was March 2007. We are continuing to have steady if not increasing sales demand and declining housing inventory levels throughout our market.
Here’s a link to a local(Seattle area) appraiser’s website that is a good source to watch market data:
It will be interesting to see if this is an anomaly or a consistent trend. I have more than a few buyers that are already finding it difficult to find homes that aren’t already having multiple offers. They’re finding that the good ones go fast.