One of my managing brokers puts out absorption charts each month to show us the state of the market. One of the most interesting is the percent of active inventory that is pending (Pending/Active) within residential King County.
This chart is used to determine the percent of active inventory changing status to a pending sale (pending sales are offers that been accepted but are not closed) and indicate the velocity of the market. The higher the percentage indicates movement towards a seller’s market and a lower percentage indicates movement towards a buyer’s market.
Seattle is still a seller’s market – as a matter of fact, the number of listings on the market is even lower that last year while the buyer pool is increasing. Some of the brokers who have held open houses in the last two weeks have reported up to forty groups through a house during the three-hour period on Sunday afternoon.
If you have been thinking of selling this is a great time and I can give you a complimentary market analysis. Many owners who bought during the bubble are seeing their homes returning to their values and are starting to accrue equity. Others have been waiting for prices to go up – we have a supply and demand situation in Seattle in which demand is high and supply is very, very low.
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