As we enter the cloudy days of late fall the market has taken another unexpected turn. After 7 months of rising listing inventories in the Seattle and Eastside markets we have now had two months where the number of homes for sale have fallen. And it’s a bit too early in the year for the seasonal slowdown of inventory which usually occurs closer to Thanksgiving
Remarkably low interest rates and strong sales activity along with fewer homes for sale have again created a market imbalance in favor of sellers which at least temporarily have caused a rise in prices throughout Seattle and the Eastside. After months of seeing the rate of appreciation falling we actually had a few months in late summer where prices were statistically flat and were trending downward and with the latest reports, prices in our area we up over a half percent from the same time last year.
The overall strength of this market surprises some of us but others say you only have to look at the historically strong employment numbers in the area and the overall health and attractiveness of Puget Sound to see the fundamentals that keep this real estate market performing so well.