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Seattle Housing Inventory Is Now The Lowest Since 2007

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Historically-speaking, there have probably been times when Seattle home supply was lower. But so long as Redfin has been tracking the data (2007), they've never seem less inventory in the greater Seattle metro area. The latest Housing Market Tracker shows that Seattle had only 2.2 months of supply in March, which for the first time puts it at the same supply level as chronically housing-starved San Francisco. And the lack of supply explains why prices are continuing to increase: the Seattle area's median home price was $385,700 in March, up 11.8 percent from last year. Some good news for sellers? 5,150 new listings went up in March, roughly 1,500 more than what sold in the same time period. Both of those numbers are on the rise from last year.
· Buyer Demand Drives Double-Digit Growth in Home Sales, Devouring Inventory [Redfin]

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