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For many months now, we’ve heard about the tight inventory conditions within the Seattle real estate market. Like many cities across the country, Seattle and the surrounding metro area has suffered from chronically low supply levels within the housing market.
Recent data showed there were fewer homes coming onto the market across the Seattle metro area last year. This makes things a little tougher for home buyers who are considering a purchase in 2024. However, it’s expected that slightly more hoes will come to market over the coming months.
Here’s what you need to know about housing market inventory growth in the Seattle area.
According to RedFin, fewer homes came onto the market in the Seattle-area real estate market last year. That significantly impacted home buyers.
Let’s get to the data. From December 2022 to December 2023, the total number of homes sold in Seattle decreased by 17.5%. As a result of this trend, home buyers in the area had a tougher time finding a home available for sale.
However, experts agree that as mortgage interest rates continue to go down, more listings may come on the market in 2024.
And it’s not just the Pacific Northwest. Many housing markets across the U.S. are experiencing similar trends in 2024.
With more inventory potentially hitting the market, the Seattle real estate scene could change in fundamental ways. Over time, these changes could provide buyers with benefits and advantages they haven’t enjoyed for quite some time.
There are a lot of changes taking place within the Seattle metro area housing market, and most of them stem from the inventory growth mentioned above.
In fact, one could argue that supply growth will change the market more than any other single factor, as we get further into 2024. Especially if inventory levels continue to rise going forward.
This latest data brings good news for home buyers in the Seattle-Tacoma metro area. Even so, house hunters will still want to bring their ‘A’ game when shopping and negotiating.
One thing you can do to increase your chance for home-buying success is to work with an experienced real estate agent. Agents deal with purchase offers and negotiations on a daily or weekly basis. They understand the current mindset among Seattle-area sellers and can guide you accordingly.
You’ll also want to allow plenty of time for the house-hunting process. The housing market inventory situation in the Seattle area has improved. We’ve gone from a 2-month supply of homes for sale at the beginning of 2024.
Even so, there’s still a shortage of properties relative to the number of buyers seeking them. So your home search could take longer than expected. As the saying goes: hope for the best, but prepare for the worst.
Do you have questions about mortgages? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, Colorado & California. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Our programs include the Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Contact us today with any questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.