Here is a perspective on inventory movement by price range. You can see what happened in each general price range for the 7 day period ending on April 15, 2 weeks ago, 1 year ago and 2 years ago.
Seattle Metro: NWMLS Areas 140,380,385,390,705,710,715,720
In April 2007, the market was moving at a brisk Seller's advantage market pace with only 1.8 months of inventory. We started hearing the murmurings of the credit crisis during the 2nd quarter 2007. By July 2007, the supply demand ratios started changing quickly.
This spring's activity is much improved over last year. It seems that the switch was thrown 3 weeks ago as we have seen a nice uptick in activity as buyers are taking advantage of record low interest rates and the first time buyer tax credit. Inventory below $500,000 has Seller's advantaged market sales ratios for the last 3 weeks in the Metro market areas.
0-3 Months Seller's Advantage
3-6 Months Balanced Market
6 Months or more Buyer's Advantage
Pending means all Pending statuses with Pending date within the last seven days.
Eastside: NWMLS 500,510,520,530,540,600
King County's Eastside homes priced under $300,000 for the 7 days ending on April 15, came in with strong Seller's Market ratios (1.78 months). Overall, the Eastside Pendings were up from 138 Pendings 2 weeks ago, to 160 Pendings last week. Just like the Metro areas, Seattle's Eastside sales ratios are much improved from last year.
Sales above $1,000,000 continue to be very slow on the Eastside. There are just under 1,000 Active listings over the $1,000,000 price tag.
Overall for the week, the Eastside improved to a Balanced market for all price ranges, improving from 2 weeks ago and last year's sales ratios.
To see where the NWMLS Areas line up, here's the map: