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Seattle March Inventory Actually Ticks Up But Prices Hit New High

Inventory might have gone up a little bit in King County but prices hit a new high and the surroundinf counties are keeping pace.

It's about that time when we review the housing numbers from the previous month and we all marvel at how out of whack they are and wonder when they'll start to come back down.

Not yet, apparently.

Seattle Bubble sees a sliver of good news in the NWMLS March data in that King County single-family housing inventory actually went up slightly while the year-over-year difference shrank from 29 percent to 21 percent. It's still the lowest March in history in terms of inventory, so don't get too excited. They also see the flip side, which is that median home prices hit an all-time high ($531K) and the year-over-year gain is now an astounding 21 percent.

As SB bluntly puts it, "There’s never been a better time to sell your home."

The Seattle Times took some time to analyze not just King County inventory but the surrounding area and found that Snohomish, Kitsap and Pierce counties have all caught up as well. While you'll find cheaper prices outside of King County, all of those numbers are going up just the same.

In Snohomish County, the single-family-home median reached $385,000 in March, a 13.2 percent year-over-year leap. In Kitsap County, the median price rose 16.3 percent to $279,475, and Pierce County’s median price was up 8.2 percent to $265,000.

PSBJ wonders why there aren't more sellers considering how good the market is for them. The answer is what happens once they sell and have to become buyers themselves.

With soaring prices you'd expect a crush of sellers. The reason there is not is because would-be homeowners are afraid they won't be able to buy a new house without getting into a bidding war. In South Snohomish County, for instance, listing are getting 20 more offers, and cash buyers are common, said Diedre Haines of Coldwell Banker Bain.

· NWMLS: Some Small Signs of Market Softening in March [SB]
· Squeeze on homes for sale extends to several counties [ST]
· Gridlock City: Seattle's record housing market as jammed up as the region's roads [PSBJ]