This February we saw another unbalanced month of real estate in the northwest Seattle market. It continued the trend of last year of being a very strong sellers market as home prices jumped when compared year over year. With less homes coming on the market it is forcing the many buyers in the market to pay more, be aggressive with their offer, and compete in a multiple bid process, where often times the final sales price will end up well above the asking price. Below are some stats that will reinforce these points.
For February 2015
- 10% fewer homes came on the market than in February 2014
- 7% fewer homes sold than in February 2014
- The median home sold went for 16% more than in February 2014
- There is currently less than a 1 month supply of inventory (which is lowest in King County)
- Average days on market is 34 days (lowest in King County)
If you have any questions about the northwest Seattle real estate market feel free to reach out and we would be happy to assist.
*Statistics not compiled or published by the Northwest Multiple Listing Service