A real estate sign in Seattle.
More listings have been added in recent months, but homes have been selling just as fast.
According to a new study from Inspection Support Network, Seattle had the eighth fewest homes for sale among large metro areas across the country. Seattle had about 56 active listings per 10,000 homes, and an average of 4,936 active listings per month, the report said. The number of active listings was down nearly 30% year over year.
“The onset of the COVID-19 pandemic in the late winter and early spring of last year set off a series of whiplashing shifts. Initially, public health concerns and stay-at-home orders brought the market to a halt as buyers and sellers alike held back on transactions,” the report said. “But over the course of the year, demand rebounded in dramatic fashion.”
More flexible work from home policies and the desire for more space, among other factors, has pushed more people to look into buying homes
“Despite strong interest from buyers, the market has not seen supply keep up,” the report said. “The ripple effects of the pandemic have made many would-be sellers more conservative, keeping their homes off the market. With the broader economic outlook still uncertain in many ways, these homeowners are wary of making such a major transaction, especially when it means competing with a mass of buyers for their next property.”
Brokers in the Seattle area have said the housing market has shown no signs of slowing, as buyers continue to take advantage of low interest rates. But, competition over limited inventory has lead to prices being driven up in the region, which could make it far more difficult for people to find affordable houses in the area.
Other places that ranked among the large metro areas with the fewest homes for sale included Buffalo, New York and San Jose, California.