Last week we reported that Punxsutawney Phil saw his shadow and said that we have six more weeks of tight inventory. The prediction is holding. This week we saw 187 new listings come online in the Seattle/Bellevue/Kirkland areas that we’re closely monitoring and only 27 are already sold. New listings are down 7% this week (down 13% last week) and percent sold the same week is down 20%. Outside of one busy Mercer Island listing, the East Side was slow this week and most of the action was on the Seattle side of Lake Washington.
We believe this week’s slowdown was tied to the weather and not a sign of a larger macroeconomic problem. For example, many agents likely waited to list home until they could get high-quality listing photos. Whereas some seized the opportunity to be one of a limited number of listings coming online like this Capitol Hill home hidden behind a blizzard.
We saw a another small slowdown this week. Here’s how that breaks down by each region we’re tracking. A bulk of the new inventory came on the Seattle side of the lake this week, with NW Seattle leading the charge. Nearly all of the sales activity was on the Seattle side too. Last week we saw zero sales in both Mercer Island and West Bellevue for new listings this week, but this week we’re seeing them recover.