Seattle ranks third among homes across the nation that have a very low inventory of homes for sale based on a Move Inc, Realtor.com comparison of the 50 most populated markets in the US.
Some US housing markets have homes being snatched up as soon as they hit the MLS with prices are starting to rise as inventory stays low. These areas are close in to major employment centers, have economies in decent shape, and/or are very attractive to investors.
Seattle inventory has recently dropped 36% due to a slow-down in foreclosures and the reluctance of many who have lost home equity to even try to sell their homes. Competition is raging, especially in the lower price ranges, between first time buyers, investors and foreign buyers… thus creating a low housing inventory in Seattle.
The 10 cities are considered to have the lowest inventory based on change in inventory from Feb 2011 to Feb 2012 are:
- Denver CO. Inventory down 42%.
- Portland OR: Inventory down 38%
- Seattle WA: Inventory down 36%
- San Jose CA: Inventory down 34%
- Salt Lake City UT: Inventory down 31%
- Sacramento CA: Inventory down 30%
- San Francisco CA: Inventory down 29%
- Birmingham AL: Inventory down 29%
- Memphis TN: Inventory down 29%
- Richmond VA: Inventory down 29%
