Regional Low Housing Inventory

Posted: February 19th, 2013 by Brad

Supply has dwindled to less than two months in some counties close to job centers, spurring bidding wars. Some buyers are even resorting to writing “love letters” to win over sellers in these competitive situations. Brokers also report an increasing number of buyers have little or no interest in making offers on short sales.

Northwest MLS members reported 5,548 pending sales during January in the four-county region (King, Snohomish, Pierce and Kitsap). That total surpassed the previous high for the month of January, which was logged in 2005 when members reported 5,426 pending sales.

Sixty percent of homes close to job centers are selling within the first 30 days of being listed. Even though buyers are flocking to newly listed homes, sellers must be smart about pricing.

Yet another positive indicator of the state’s housing market recovery came from the National Association of Home Builders and its NAHB/First American Improving Markets Index (IMI). Six markets in Washington appeared on the list, the largest number since that gauge was created in September 2011.

The IMI is based on six consecutive months of improvement in housing permits, employment and house prices. The Bellingham, Kennewick, Longview, Seattle, Spokane and Yakima housing markets are listed on the January IMI, the largest number since that gauge was created. The Index, viewed as a sign of a burgeoning recovery in U.S. housing markets, is based on six consecutive months of improvement in housing permits, employment and house prices.

NWREporter contributed to this

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