The Weight of Low Inventory
Are you a buyer feeling the pressure of needing to make a quick offer, knowing that there could be others looking to do the same? Are you a homeowner, considering selling but not sure if it’s the right time? Read on to find out how our current market is doing in terms of housing inventory.
We have 726 homes available to purchase today for a population nearing 500,000, with a current growth rate exceeding 10,000 new residents per year. When including proposed homes to be built, homes under construction, and homes for sale with contingencies, there is a total of 1039 homes available with 349 of those being new construction. Over a third of SW WA current available homes are new construction (34%).
We typically see our most substantial gains in home value appreciation in the Spring. This year is no different with a 5.5% increase in median home values ($316,500) month over month. Year over year median home prices have appreciated 12.3%. However we are seeing less sales activity than the year prior for March. Pending sales are down 5.3% and closed sales are down 8.2% which is most likely some what reflective of the record low inventory levels. We are maintaining record lows in months in inventory even with the slow down in sales activity. SW WA has 1.6 months in inventory available, and only 1.1 months in inventory when only considering finished homes and homes without contingencies available to purchase today.
For more information on the market, check out the RMLS March Action Report, or give us a call for even more detailed info!