Lack of inventory shocks Seattle buyers into bidding wars!

A common measure of a balanced market is when there is about six months’ worth of inventory – the number of active listings is equal to the previous six months’ sales total.

Well, the market is seriously unbalanced today, as a quick check of the Northwest Multiple Listing Service (NWMLS) shows that the inventory is under three months’ supply.

Almost thirty percent of homes currently under contract took ten days or less, indicating a frenzy that hasn’t been seen since the summer of 2007. While we cannot determine what percentage of properties received multiple offers, the median market time for the rest is 45 days.

There have been several reports of open house traffic in the 50s and 70s; one agent with a listing near Green Lake arranged to have a colleague assist them on open houses both this Saturday and Sunday because, “with this kind of traffic, if you’re the only agent, you can’t even talk to anybody.”

Agents have been racing to broker’s opens, as well. The Green Lake property drew over thirty agents – without food or other inducements – to last Wednesday’s premiere.

We want to stress that we compiled the data from the NWMLS server, and that they are in no way responsible for its accuracy. We also excluded listings that require third-party approval, such as short sales.

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