Here is an updated report for the current market conditions in 98004 and in King County as a whole:
As of April, the market has been slowly trending upwards with a current months of inventory ratio standing at a firm 2.4.. Although a small increase since the beginning of the year, it is a good sign, showing more people are listing their properties for sale and bringing the inventory back up. If for example, no new listings come on the market in 2.4 months, there will be nothing left to sell. This number is based on west Bellevue. The top 1% of the market, high-end luxury homes, is increasing at a faster pace then the rest of the average priced home inventory. And this is true on a national standpoint as well.
It is not likely that this 2.4 ratio will decrease over the next few months as trends from last year show that June-August are significantly more fast paced months in the year then the rest. With more inventory on the market, buyers will be less likely to be stuck in bidding wars on a particular property as we have seen so far this year.
Home prices have risen an average of 8% since last year, with that number slowing down to a cool 5% by 2015. This means more people will be able to afford homes and sellers will quickly jump on the bandwagon and list their properties in the next couple of years, further increasing the months of inventory ratio and hopefully balancing out the market to a smooth 5:1.
As for King County as a whole,
The current months of inventory ratio is standing at an easy 3.7, a good but small increase from the last couple of months.
What does summer look like in the real estate market for the eastside and greater Seattle area?
I am projecting that with more homes being listed, buyers will have more options to choose from when looking for their perfect home, and there will be less of the bidding wars going on where people are waiving all their contingencies and paying over 10% asking price.
If you have any questions regarding the current market, or wanting to inquire on whether its the right time for you to buy or sell your home, please contact me at email@example.com