In this video we share our forecast for the real estate market for the greater Seattle area.
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2013 Seattle Real Estate market by the numbers:
- Both locally and nationally the supply of homes is the lowest it has been since 1999
- 18,045 homes currently listed in the Puget Sound, less than half the amount of homes for sale in 2011.
- New construction 2008 – 2200 homes. Now fewer than 600, half of 2011 levels of inventory
- Fewer distressed homes – Lowest since 2009. Down 65% from 2 years ago
- Bank owned inventory - In 2010 there were nearly 1000 bank owned homes on the market each month, now there are less than 200
- Median home prices - Feb 2013 = $332k - Feb 2012 = $275k – Up over 20%
- End of 2012 Nationally median-income household made nearly twice the income needed to qualify for a mortgage on a median-priced house