Market Snapshot…

The March numbers are in and everyone from the Seattle Times to the NWMLS is putting their spin on them, proving that figures lie and liars figure. Here’s my take on what’s really going on.

Across King County, the first quarter ended with about double the inventory we had at the same time last year. While this sounds impressive, depending on where you live, the increase was from about a half a month of available inventory a year ago to about 1.2 months today, which historically is still really meager supply. And keep in mind that it takes four to six months of inventory to be considered a balanced market. We had a taste of what a balanced market feels like during the second half of 2018, but in many popular neighborhoods things have swung back in favor of sellers at most price points. Finally, even after last year’s slow second half, prices across the area are flat to down just a few ticks vs. a year ago. Not all sellers have accepted this reality, but as a buyer there are opportunities out there and deals to be made.

The numbers are instructive, but for a better look at what’s really going on, you should look at real examples of available properties in popular neighborhoods like Bellevue, Kirkland and Madison Park. It’s easy to find nice homes in great spots that have been on the market long enough that they might entertain offers below the asking prices.

Just say the word and I’ll send you some examples. I’d also be happy to provide you with an analysis of what your current home is worth in today’s market. You may be pleasantly surprised!

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