Seattle Times: Shortage of homes for sale pushes prices upward, buyers outward

JLS Brokers Jen Shaughnessy (Seattle/Westwood) and Mike Beck (Redmond/WA) are featured in this in-depth article covering the Puget Sound real estate market and the emotional impact it is having on buyers.

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(Click on the photo to read the article online)

Would-be homebuyers in the Puget Sound area continue to face slim pickings in a tight housing market.

Fewer owners are listing their homes for sale, a trend that for months has made it harder for buyers to find homes, and keeps pushing up prices.

The inventory of homes for sale in King, Snohomish, Pierce and Kitsap counties is down by 31 percent, with just 6,321 active listings in January — almost 2,900 fewer than a year earlier, according to the Northwest Multiple Listing Service.

King County’s January inventory was also down 31 percent compared with a year ago, though it rose slightly to 2,427 last month from 2,196 in December.

“Seattle epitomizes the problem of strong population growth due to strong job growth and incredible lack of inventory,” said Skyler Olsen, senior economist at Zillow, a real-estate information company.

With the inventory shortage, brokers report packed open houses and most houses receiving multiple offers significantly above asking prices.

Read the entire article here.

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