April saw the monthly real estate inventory in Seattle jump 1.1 months to 1.3 months, an 18% increase. MarketWatch staffer Sam DeBord reports on the Seattle housing, market where supply is struggling to keep up with the growing demand, made worse by a local population looking for homes at the same time as an influx of tech workers.
The Seattle housing market is still seeing the price of homes increase and the city's condo scene is also in an extreme state:
Inventory is at 0.9 months of availability. Buyers are gobbling up listings faster than they're coming on the market.
The median King County condo sale came in at $315,000 last month. That's a 13.8% year-over-year. Condos seem particularly attractive to the newer residents in the Seattle market who have often relocated from urban areas in larger cities.