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MY REAL ESTATE BLOG

Inventory is UP! But is it Enough?


A graph moving upward suggesting that inventory is up

It’s here! The Spring Real Estate market has arrived with an uptick in inventory. This offers a glimmer of hope for weary homebuyers who have been dealing with soaring prices and tight competition.

 

Spring Inventory has Risen

 

Lovely, modern townhomes

New data from the Northwest Multiple Listing Service reveals an increase in single-family home and condo listings across King County, with a surge of newly constructed townhomes hitting the market.

 

But is it enough to turn the tide for buyers? Currently, the supply of homes for sale remains insufficient to meet the high demand. While the rise in listings may provide more options for home shoppers, it is not enough to alleviate the housing shortage that has plagued the region in recent years.

 

Prices Continue to Increase

 

In March, the median sale price in King County reached $945,500, marking a 13% increase from the previous year. Similarly, median home prices rose in Snohomish, Pierce, and Kitsap counties, reflecting the broader trend of escalating home values across the Seattle metropolitan area.

 

The median price of a home in Seattle surged to $925,000, up 6% year-over-year, while homes on the Eastside commanded a median price of $1.7 million, representing a 19% increase.

 

The Million Dollar Cities

 

As a result of these soaring prices, some Seattle-area cities, including Snoqualmie and Bothell, have now joined the ranks of "million-dollar cities," where the typical home is valued at $1 million or more. Higher mortgage rates and escalating home prices have created barriers for many potential buyers.

 

The Takeaway

 

As the market continues to evolve, it’s important to stay involved. As a Buyer’s Agent, Carmen “CC” Crispeno has great success helping buyers craft a winning offer in a competitive market. You’ll want him on your side!

 


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Content by Remington Crispeno Team Seattle Realtors

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