Home of the Day
- Ben Miller
- Contributing Editor-Puget Sound Business Journal
There are a lot fewer Seattle-area homes for sale right now than there were a year ago.
According to the Northwest Multiple Listing Service (NWMLS), the number of active listings of Western Washington single family homes and condominiums fell from 19,195 a year ago to 17,082 at the end of January, a decline of 11 percent. For the four-county Puget Sound region, inventory is down 12 percent.
In King County, there are only about two months of home supply for sale; real-estate brokers say a healthy balance between supply and demand is a four- to six-month supply.
“We are entering February with a severe shortage of homes for sale in the neighborhoods close to the job centers, and we expect that shortage to continue throughout the spring market,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in a statement.
A hot sales market exacerbated the situation: In Western Washington last month, there were 7,658 pending sales but only 6,989 new listings.
Brokers lamented the tight inventory situation.