Uncategorized January 8, 2013

Local supply of homes for sale hits another record low

This Seattle Times(Originally published January 7, 2013 at 12:54 PM | Page modified January 8, 2013 at 6:51 AM ) article confirms what we've been feeling in the marketplace for several months now.  Here's a summary, a link to the full article can be found below.

The number of houses for sale in King County has hit yet another record low, according to statistics released Monday by the Northwest Multiple Listing Service.

“There’s just nothing available out there,” said Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies.

Just 2,945 houses were listed for sale as of Dec. 31, the service said, 46 percent fewer than on the same day a year earlier.

Inventory was down 21 percent from November — and that was the first month since at least 1999 in which the number of houses for sale in the county dipped below 4,000, said real-estate blogger Tim Ellis of Seattlebubble.com.

“Now it’s below 3,000,” he said. “That’s just amazing.”

Shrinking inventory may be a factor in rising home prices, the listing service said in releasing its December market report: The median price of houses sold in King County last month was $380,046, up nearly 19 percent from the same month in 2011.

Link to the full article: http://seattletimes.com/html/businesstechnology/2020078777_homesalesxml.html


Let me know if you or someone you know has questions about your specific real estate situation.