Seattle TV Station KING 5 had a news story today on the low inventory of homes for sale in the Seattle area, and how that has led to a recent spike in home prices. They are predicting that this spike in home prices will lead to more people putting their homes on the market, and that this will result in an increase in the supply of homes for sale.
I track the number of homes for sale in the West Seattle area each week, and the number is starting to go up a little bit. We have 183 active residential (homes & townhomes) listings as of today (3/8/13). Two weeks ago (on 2/21/13) this number was 168, and a month ago (on 2/7/13) it was at 151. So we are already seeing the inventory start to go up, but we’re continuing to see strong demand and multiple offers.