I’m not the only real estate broker who has been talking nonstop about the lack of inventory in the Seattle area. So if there’s no inventory, why do I keep seeing “for sale” signs on every block – does that mean ?
In January, I wrote a post about the current state of the market and there were seven active listings – six single family homes and one condo. So where are we at today? Well, it’s Spring – a time when the market generally picks up and this year is no change. There are currently 14 single family homes on the market and two condominiums. Not including the condominiums, the average size of the homes on the market is 2,199 square feet and the average price is $611,268. This gives us an average price per foot of $278.
In April, fifteen homes sold in Green Lake (three condominiums and twelve single family homes). Despite the amount of homes being added to the market, the average time these homes spent on the market was 13 days – and ten of the homes were on the market for a week or less.
Compared to 2012, we had just a few less homes on the market. There were 18 homes sold last year in April, but at an average market time of 51 days – that’s almost two months compared to our current time of two weeks! And in 2011, the average time on the market for April was 61 days.
To sum up: More houses are coming on the market, but we’re not balanced yet. We still have a lot of home buyers out there and not enough houses to sell them. Houses in Green Lake are selling quickly, often for more than asking price. We’re still out of whack, but the addition of new listings each week is putting us on the right track to a balanced market.