As we continue to see the market heat up as the spring season progresses, we’re evaluating the data, both locally and across the country. The latest S&P/Case-Shiller Home Price Index report (available here), released today, reveals that the Seattle metro area witnessed the second highest month-to-month increase in the 20-city comparison from January to February.
Replicating the data through Trendgraphix, we can see that not only are prices rising, but so is inventory across single-family resales in King, Pierce, Snohomish and Kitsap counties.
While sales are averaging 7% or so higher year-to-date, inventory levels are nearly 50% higher than this period last year. That means supply is growing at seven times the rate of demand, creating more opportunity as homebuyers search for their homes.
If you’re ready to take advantage of the shifting market, reach out to an RSIR Global Real Estate Advisor today to discuss your goals, the market data, and how you can utilize the new market conditions to your advantage.