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Apr 21

NEWSFLASH: Where are the sellers?!

Yes, this question is for real. The inventory of homes for sale is dropping in many areas of the country, including the Puget Sound.

Counter-intuitive thinking

The question has been raised, ‘Why are there record numbers of homes on the market in some places, while properly priced homes are being gobbled up’ (some at even higher than the listing price)?

Because there is a huge difference between a home ‘being on the market’ and a home that is seriously ‘for sale’. Some realtors are saying that the only homes remaining on the market for more than 30 days are the ones where the price doesn’t COMPEL a buyer (or multiple buyers) to step forth with an offer.

Sellers who are serious about selling are aggressive with pricing because often that is how you gain the highest price. A little counter-intuitive perhaps, but it can be the case. A home priced competitively will draw more interested buyers, and more interest often means a push up in pricing.

Local inventory in ‘Seller’s Market’ territory

Inventory in East Bellevue was at 3.7 months in December, and in March was only 2.6 months, technically making it a ‘Sellers’ Market,’ meaning that, theoretically, it would take only about three months for all the listed homes in East Bellevue to sell.

Generally, King County and all of the Eastside have roughly 3 months of inventory. West Bellevue has the highest inventory available for sale at closer to a four month supply. Homes well-priced are selling… and, yes, often with multiple offers.

 

 

 

 

 

 

 

Chart by S. Jullion;“News Flash” KCM Blog

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