Look before you leap: Sellers also frustrated by lack of inventory

The lack of inventory of Puget Sound homes for sale is being compounded by potential sellers unwilling to list their home until confident they can find a new place to land.

Northwest Multiple Listing Service figures for May show double-digit drops in inventory compared to a year ago and double-digit gains in both sales and prices. At month end, the total number of active listings stood at 19,515, a drop of more than 18 percent from a year ago when members reported 23,917 active listings.

“The crush between the lack of inventory and desperate buyers may soon generate the next TV reality show,” said Dick Beeson, managing broker of RE/MAX Professionals Realty in Tacoma and MLS director. “The stressed market is exhausting everyone in its path, with no relief in sight.”

In King County, the median sales price for single family homes and condos (combined) was $434,000, an increase of 9 percent from twelve months ago when brokers reported a median sales price of $398,000. Prices on single family homes (excluding condos) that sold in King County jumped to $480,942, about the same as April ($480,000), but up nearly 8.8 percent from the year ago figure of $442,250.

Multiple offers continue to be commonplace for well-priced homes in desirable areas.

“Buyers need to be ready to buy on day No. 1,” said Frank Wilson, branch managing broker, John L. Scott Real Estate in Poulsbo. “This means getting approved with their lender, being clear about what they want in a new home, becoming educated about the market, and being ready to write a strong offer when they find the right home.”