The low number of available homes for sale continues to test the patience of buyers as levels fall even lower, 11-23% lower, than those of last year.
Year-over-year prices rose 8.7% in King County. While every neighborhood follows the beat of its own drum, overall it’s a very solid and manageable rate of appreciation throughout the region. Interestingly, Mercer Island and the Eastside are outpacing the Seattle core by 30% in year over year gain—with Seattle up a modest 6.6% while Mercer Island and the Eastside gained 9.7% and 8.5%, respectively.
One measure of the market, the month’s supply of inventory (the length of time it would take to sell through all available inventory, assuming no new listings came to market), is at record or near-record lows in most areas. Not surprising, due to the shortage of homes for sale, but an indicator of how competitive the market is nonetheless.
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