I'm Jason Fox with John Scott real
estate hey did you know that there is an
inventory shortage again in Seattle I
know most people probably feel like
there's a ton of inventory out there
so before we get talking about what
causes that will you guys do me a huge
favor and go ahead and subscribe to our
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click the like button for me I would
really appreciate that so what causes a
low inventory well it really depends on
the market but right now we think it's
because you know people just aren't
selling so we've been seeing a lot less
listings this month than last and and uh
actually for quite some time now and a
lot of that has to do with the interest
rates because people bought their home
with a three percent interest rate and
now the idea of selling that home and
buying a new home with a six percent
interest rate doesn't sound so appealing
so right now we're dealing with people
that aren't necessarily wanting to buy
or sell but people that are needing to
sell so the amount of new inventory
that's coming on the market is a little
bit low and the buyer players are still
out there buying and so we find
ourselves in a shortage of inventory
let's take a deeper look at the three
key indicators to determine the health
of the Seattle real estate market right
now the first key indicator I want to
look at is the sales intensity scale and
that's the percentage of new listings
that go into the pending status or get
sold in the first 30 days that they hit
the market and sort of a way to
determine how quickly homes are selling
so in Seattle right now it's 63.1
percent which is pretty fast and that's
considered a surge Market in Snohomish
County we're looking at 75 percent
that's really fast that's considered an
extreme frenzy so
um homes are selling pretty quickly
right now the second key indicator we
want to look at is interest rates and as
a time of this report they were at 6.44
and trending downward a little bit but
we're probably not going to see any real
long-term relief until we can get the
FED to quit saying he's going to raise
the rate so
uh but we're still looking pretty good
in the sixes and then finally the third
indicator we want to look at is the
inventory level where in Seattle we're
sitting at 1.2 months of supply and
that's considered a shortage and in The
Burbs here in Snohomish County we're
looking at 0.7 months of Supply that's
considered a severe shortage so it's
kind of what we talked about in the
beginning of the video we just don't
have enough houses out there to sell
um recently there was a new bill pass
that is going to start to allow uh
duplexes and four plexes to be built on
any piece of property so really opening
up that zoning to try to increase the
amount of housing that we have so
hopefully that'll help also we just need
to get people out there you know selling
their homes and uh so if you are looking
to sell it is a good time because of all
that low inventory and the interest
rates dipping down a little bit and
honestly our job market holding you know
pretty tough uh what we have seen is
um you know prices have actually started
to go up a little bit in both Seattle
and Snohomish County