Inventory on the Rise

It's been a while since I've posted - I've enjoyed some time off and in part it's just been a busy season. I'm excited because so many of the buyers I'm working with are getting the homes they want. We have had to be aggressive and yet I have really smart clients who show restraint when needed and let go of one house in order to get the next one. I always say, it is rarely the last best house. 

We are seeing inventory on the rise. This is a good thing, in my opinion, that will help calm the market. The odds are still in favor of the seller but we are seeing some homes sit on the market for more than a week as buyers are still attuned to pricing and condition. And, when buyers have more choices they quickly become more picky. The chart below shows the total inventory of single-family homes in Seattle for the last 3 months (red line) vs. the three months prior. You can see the sharp upturn in inventory.

As summer starts to fade (sad thought) it will be interesting to watch inventory levels as buyers return from vacation. Will the demand still out pace the supply or will this trend continue through year end (and the election)? I think we will see inventory continue to trend up.