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.