King County has become “a pressure cooker” for residential real estate and most homes are selling fewer than 30 days after they’re listed reports the Puget Sound Business Journal.
According to a leading local broker, “Thanks to positive job growth and historically low interest rates, we are experiencing a surge of sales activity, a shortage of homes for sale, and quick sales on new listings. Multiple offer situations on nearly every home are sending prices higher.”
The Puget Sound Business Journal reported that 2015 is on track to be the biggest year for residential real estate since the 2008 recession with the shortage of inventory to continue into the summer and likely into 2016.
Why is this happening?
The main reason is the region’s incredible job growth, particularly in the tech industry. As more people move to the Seattle area for high-paying tech jobs, the market is bound to get tighter. But historically low interest rates are also attracting people who might otherwise have stayed in the rental market.
The Seattle and Eastside markets have such a shortage of homes right nowwith less than a two month supply meaning that means homes are selling almost as soon as they hit the market.
It’s reported that the surge of sales activity has now turned into a ‘frenzy’ creating premium pricing for sellers.