Puget Sound homes for sale… or not
The chart shows the level of inventory, or homes for sale, in the Washington’s Puget Sound area. A ‘normal’ or balanced inventory is generally thought to be about 5-6 months.
Meager inventory
The chart shows that if homes sold at the same pace as the prior month there are enough homes for sale to last 1.7 months in King County. One of the hot spots, East Bellevue, theoretically could sell all its inventory within one month… assuming, of course, that no new homes came on the market for sale.
Explains why
In East Bellevue, homes priced under about $450,000 and in relatively good condition are generally under contract within a week of being on the market.
Bottom Line
There simply are not enough homes for sale to meet the pent-up demand of Buyers anxious to capitalize on low prices and low interest rates.
