It seems that Seattle is about to edge out San Francisco in one metric — but it’s not necessarily one the Emerald City wants to be known for.
The greater Seattle metro area has the lowest supply of homes for sale ever recorded.
The region, which includes King and Snohomish counties, has a supply of only 2.2 months, according to March data from Seattle online real estate brokerage Redfin. That’s the same as the hyper-competitive housing market of San Francisco.
Redfin has been tracking the data since 2007. While it’s impossible to say if this is indeed the lowest supply in history, Redfin data scientists believe it’s a safe bet.
The mantra seems to be: fewer houses, higher costs. The median price of a home in the Puget Sound region climbed to $385,700 in March, Redfin data shows. That’s an 11.8 percent increase from March last year.
Seattle’s housing market is no doubt heating up in part because of the booming tech industry in the state. The region has become a hotbed of new tech activity, with Uber, Best Buy and SpaceX opening offices in the last couple months. All these companies are bringing workers to the area, many of whom make lucrative salaries and are looking to buy homes.
Due to the low supply and frenzy of buying activity, experts say buyers should expect to put in multiple offers before one is accepted.
Nationwide, home sales increased 10 percent over last year, according to Redfin. More than 3,600 homes sold in Seattle in March, a 14 percent increase since last year.
It is likely the region will continue to see houses fly off the market at unprecedented paces — the spring buying season is here and Seattle millennials, myself included, are starting to buy homes.