We’ve seen the headlines insisting that Seattle’s housing market is starting to simmer down but with the new wave of condos coming to Seattle and Bellevue and the increase of inventory in our market overall, we’re not sure that it’s all bad news.
The Seattle Times recently reported that ‘Developers who spent the past several years building just about everything except condos are pivoting back to them for the first time since the housing bust last decade,” this means there will be more opportunities for home ownership at a lower cost in our region. It will also add a bump to our increasing inventory.
According to the latest statistics from the NWMLS we now have 2.84 months of inventory which is a 78% increase over the previous year’s. Four to six months is considered a “balanced market,” and In a balanced market buyers take back the negotiating power.
That’s not the only way buyers benefit from the market “cooling”—we’re also seeing a drop in housing prices. According to our very own OB Jacobi, President of Windermere Real Estate “balance is finally returning to the market, and with it, slowing home price growth,”.
Whether you’re thinking of buying or selling we’d be happy to provide you with market data that will help you make the best decision for your circumstances.