The Seattle Eastside housing market is experiencing a unique and familiar landscape due to limited inventory and heightened buyer competition. As of the end of January, the number of available homes for sale stood at just 281, marking the third-lowest inventory level for that time of year in the past decade. This shortage of housing options is significantly impacting sales activity and driving up competition.
The shifting market has brought back multiple offers on nearly all transactions! A trend that is expected to continue and increase as the typical housing market picks up into Spring and Summer. These bidding wars and increasing buyer demand are leading to higher prices and quicker sales. This trend is further exacerbated by lower interest rates, which dropped by 1.16 points from a high of 7.79% in October 2023 to 6.63% by February 2024, making many buyers who have been sitting on the sidelines jump back in ready to buy, and quick!
Both buyers and sellers commonly initiate their processes in January, setting the stage for increased market activity during the early part of the calendar year. Buyers are eager to enter the market as soon as they find the right property, while sellers often take several months to prepare their homes for sale. As a result, the combination of low inventory and heightened demand often leads to multiple offers on properties, driving prices upwards.
We saw 340 new listings hit the Seattle Eastside in January: the lowest number in ten years and 8% lower than January 2023! That strikingly low number is 38% lower than the ten-year average, further displaying the severity of the inventory shortage. This has created an unbelievably great climate for sellers, who hold a great deal of power and are seeing their homes go for significantly over list price, again.
The Seattle-Eastside housing market presents opportunities for both buyers and sellers. Buyers who are prepared to act quickly and strategically may still find their dream home in this competitive market, while sellers stand to benefit from strong demand and favorable pricing conditions.
If you’re looking to make a move in this market, it’s important to be prepared with a strong team alongside you to support you and help you to maximize your opportunities. Whether securing the right loan, finding your next home or selling your current home, research and find a local agent to help guide you. It’s more important than ever to enter the market with a strong strategy and with all of your ducks in a row.
Remember, Jenni Sullivan Real Estate is here to support you if you have questions about buying or selling in the Greater Seattle area. Reach out anytime to chat about your housing goals. I’m happy to help you get prepared or guide you through your buying or selling needs.