Seattle’s housing market – how short of supply are we?
REALTORS® doing business in and around Seattle know there’s not enough affordable housing to satisfy all the buyers looking for homes. Despite rising inventory levels and moderating prices, there are still many buyers who can’t afford to enter our market. Likewise, sellers who want to downsize find fewer and fewer options in our once-affordable region.
The affordability shortage stems directly from not building enough new housing to keep up with job growth. The latest data from the National Association of REALTORS® shows that for every six new jobs created in Seattle/Tacoma/Bellevue, there was only one single-family permit issued. It’s not surprising, then, that we’re still seeing a market with only a few months of inventory.
Of the homes now available, many are out of reach for buyers in the middle- and lower-income ranges. A household making $100,000 per year, for example, could afford only about a quarter of the homes available for sale right now.
While inventory has yet to return to the 4-6 months to make a balanced market, many have reported that the market appears to be shifting after years of frenzy. What do you think? Share your thoughts in the comments below.