Monthly Archives: April 2011

Seattle – Home of the Multiple Offer

Even with moderate-to-low demand, low supply means multiple offers!

Available listings are down 50% in NWMLS Area 705, the area west of I-5, south of 145th Street and north of the Ship Canal, from March of last year. They’re down 20% in area 710, which is east of I-5 to Lake Washington. They’re down 40% on Queen Anne / Magnolia, 20% on Capitol Hill.

We don’t have the hard numbers on multiple-offer situations, but we’ve been hearing about a bunch of them at our weekly office meetings, and two of our listings drew multiple offers after having been on the market for several weeks.

So, as of now, we have a lot of anecdotal evidence of multiple-offer situations, and we’ll have to wait for the March data to be compiled see if there was a spike in pricing. Stay tuned!