Lately it feels as if none of us Divas can find anything for our Northend buyers to preview. What is going on? We are in the heart of Spring (Seattle’s Prime Home Selling Season) and no one is bringing new homes to the market. Every day there are more pending sales than new active homes in North Seattle. I get the feeling we are at the crest of quickly turning into a Seller’s market in North Seattle.
Let’s Look at the Numbers A significantly market indicator that Team Diva reviews is what we call the Demand Rate. It reviews the current inventory to see if we are in a Seller’s or a Buyer’s market. The lower the rate the lower the inventory of homes on the market. A stable market is the 2.0-3.0 in our opinion. Anything higher is a buyer’s market.
Northeast Seattle: Includes hoods north of the Ship Canal bridge and east of I5 (Bryant, Ravenna, Roosevelt, Olympic Hills, Wedgewood, etc).
Everything = 1.96
Eliminate Short Sales and Condos = 1.47 (Wow – this is a lower rate than what we saw during the tax credit season)
Northwest Seattle: Includes hoods north of the Ship Canal bridge and west of I5 (Fremont, Wallingford, Ballard, Blue Ridge, Greenwood, North Beach, Greenlake, etc).
Everything = 2.22
Eliminate Short Sales and Condos = 1.98 (Yippy!)
Our Diva Market Musing: We are looking at a very interesting dynamic in the market. The inventory is really low but buyers are NOT overbidding or paying full price for homes. In fact a buyer is not even making an offer on a home if they feel like it is over priced. Not a normal “Low Inventory” phenomenon. Are we at the crest to a seller’s market or another dynamic Seattle Real Estate moment?Â Hang on tight and let’s see what happens!