Sweltering in Seattle

Seattle_Columbia_Pano2

If the Seattle housing market was described in terms of weather, it would be Scottsdale in mid-summer. Seriously, if you want to buy a home in our highly-coveted city, you only have nine days to do it because that’s the average amount of time it takes for homes to sell in Seattle right now.

Case in point, last month, 185 homes sold in Ballard, of which 90% went pending in two weeks or less. And of those sales, 169 sold, on average, for 13% over the asking price. What’s driving all of this? Basic economics: low supply and high demand. Right now there’s less than a month’s supply of homes for sale in King County, so competition is fierce. Buyers: brace yourselves!

If you’re a sucker for numbers, here’s a link to a three minute video that uses spreadsheets to explain how hot the King County housing market really has become.

One Comment on “Sweltering in Seattle

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: