When we say the Seattle market is really hot right now, it is because inventory is even lower than last year and demand is higher than last year. In King County over all we have 3,000 active listings. Pending listings are somewhat flat and the absorption is down.

Inventory hasn’t grown compared to last year; it’s down from last year!

Last year we had a 99% absorption rate in Residential King County (it was 60 percent in 2012). This year the inventory is same but pending is not keeping up, so the absorption rate is down.

Condominiums were at 90% absorption last year still behaving this year like last year.

However, active condominiums are going down – they dropped from January to February. Last year we had 2900 pending, this year 2600.

If we compare neighborhoods – talking about hot markets – looking at 710, North Seattle – 137 percent absorption – how can it be more than one hundred percent? The market is fluid, pendings are overlapping and actives have been absorbed because they have been building up….118 pendings, 86 active listings.

While these numbers come from studies, they play out in “real life” too – one of the Realtors in our office listed a duplex in Greenwood a few weeks ago and had forty offers – it went well above listing price.

700, Queen Anne, Magnolia – 83%
715, Richmond Beach, Shoreline – 85%
140, West Seattle – 90%
390, Central Seattle – 82%

The Eastside (Bellevue, Kirkland) is weaker…
Mercer Island – 54%
Bellevue east of 405 – 57%
390, Central Seattle – 82%
705, Ballard-Greenlake – 140 percent