Unlike much of the nation, spring came early to Seattle, and that brought homebuyers out of the woodwork and into the market. Seattle, however, still suffers from a common national problem, which is very few listings up for sale. That is posing a challenge for buyers.
"They will probably make several offers before one is accepted, and they just need to expect to be competing with others," said Frank Wilson, director of the region's multiple listing service (MLS) in a recent report. "Listings are flying off the shelf faster than allergy medicine in this early spring market."
The number of for-sale listings in Seattle in February was down 19 percent from a year ago to just a 1.5-month supply at the current sales pace, according to the MLS. That is a 10-year low.