Puget Sound housing markets seeing record-low inventory, points to 'piping hot market'
The housing market in the Seattle area is starting off the year with record-low inventories, rising prices and signs pointing to a "piping-hot market."
According to a report from Northwest Multiple Listings Service -- which covers 23 counties in Western Washington -- housing inventory is down about 33% across the region. The report also shows fewer new listings compared to last year.
In King County specifically, inventory was down about 43% in January 2020 over January 2019. The report found the total active number of listings in January 2019 in King County was at 3,688. In January 2020, that number dropped to 2,118, according to the report. The number of new listings in the county also dropped slightly, from 2,591 in January 2019 to 2,361 in January 2020. There is just about 1.3 months of inventory in King County -- a number measured by looking at the ratio of active listings to closed sales.
“Traditionally, many home buyers enter the market after the first of a new year, but this year we are finding this surge of buyers more intense than usual. That, paired with historically low interest rates and extremely positive job growth, translates to rising prices and a piping-hot market," J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate, said in a statement.
https://www.msn.com/en-us/news/us/puget-sound-housing-markets-seeing-record-low-inventory-points-to-piping-hot-market/ar-BBZLvm7?ocid=hplocalnews
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