Spring Forward Your Clocks and Inventory

After a long dry spell, this was the second week in a row I could hardly keep up with my email alerts for new homes coming on the market this week and today’s numbers confirm that.
This week we saw 268 new listings come online in the Seattle / Bellevue / Kirkland areas that we’re closely monitoring and 42 are already sold. New listings are up 5% this week and the percent sold the same week is up a whopping 45%. Part of the reason for that is we’re seeing some listings move up their offer review dates. Like the Kirkland example we talked about last week and the Phinney example in this week’s video tour.

Here’s how it breaks down by each region we’re tracking. Again, most of the action was on the Seattle side of Lake Washington this week with the biggest jump in the Capitol Hill and south area that had nearly double the listings of last week. Kirkland was still busier than normal, but almost half as many listings as its record week last week.

This Week’s Battle Scars

Last week we mentioned one of our clients who were priced out of Seattle and attempted to buy a home in Shoreline that was met with 12 offers and went to a buyer with a suitcase full of cash for far more than our escalator. This week, we moved even further north to Edmonds where we went up against 6 offers and lost again to the neighbor who was willing to pay more than any offer to have the adjacent parcel. And you guessed it, with a suitcase full of cash.

Today’s newsletter is coming to you from another pre-inspection on a house that is looking at offers in 2.5 hours (noon today) and there are two concurrent pre-inspections happening right now.

 

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