Regional Spotlight—A sellers’ market has returned in the areas close to the job centers of Seattle and Bellevue, Wash., up to the one million dollar price point, according to a recent announcement by John L. Scott Real Estate Chairman and CEO, Lennox Scott.
“We are also seeing the same situation in the more affordable price ranges in the surrounding market areas, caused by a shortage of inventory and healthy/strong sales activity,” Scott stated. “Price increases are muted by short sales and foreclosures that are causing low appraisal values.”
Scott added, “Unique market conditions prevail right now: Both low inventory and low interest rates at the same time.”
The company reports that the major factors leading to the current healthy/strong sales activity are positive job growth, population growth, and home buyers taking advantage of the low rates and lower adjusted home prices, elevated number of investors in the market and historic low interest rates, in the upper 3% range.
The lower number of new listings coming on the market is being caused by under-water sellers and sellers with equity holding off for higher prices and the lack of new construction/condominiums, according to the company.
“The low number of new listings combined with the increase in sales activity is creating the shortage of homes for sale on the market in specific areas and price ranges,” Scott stated.
For more information, visit www.johnlscott.com.
