Seattle Real Estate Market Update | February 2020 | Market In A Minute

My name is Sean Reynolds, I am the owner of
Summit Properties NW and Reynolds and Kline Appraisal. This is your Market in a Minute for February
2020, everything you need to know about the Puget Sound real estate market in 1 minute. “All indicators point to a vigorous spring
market” was the headline in this month’s MLS news report. I think that’s a real understatement! This is going to be 2017 all over again. Let’s take a look at what’s going on:
#1- pending sales outgained new listings #2 – record-low inventory that is down 33% from
a year ago, and #3 double-digit median home price increases year over year. And now we have a three-month trend with pending
transactions exceeding new listings everywhere in the Puget Sound region. Total inventory was barely more than a month
with 1.54 months of supply at the end of January. Pierce was at 1.1 and King at 1.3. Normal inventory is 4-6 months. Open houses are attracting a ton of interested
buyers. Multiple offers will be the norm. Low-interest rates and a super strong employment
outlook continue to drive buyers into the Puget Sound marketplace. Amazon just announced it is bringing another
15,000 employees to Bellevue. There’s not going to be enough inventory
come on the market this spring to slow the marketplace from becoming a frenzy. Since last November I’ve been predicting
a super-hot Spring Market in 2020. There are just too many buyers chasing too
few properties. When you start to see the headlines in major
news media talk about this story, you can say you saw it first here on this Months Market
in a Minute! Thanks so much for watching this month’s
update and I will see you next month! Bye for now!

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