The First Big Decline in Homes for Sale in King County Washington

Twelve days ago I wrote a post that King County properties for sale was rapidly heading up to the 2009 high.  Just last week we were within 300+ homes/condos of the 2009 peak, which stands at 13,861.  There 13,515 homes/condos for sale in King County that week.

This week we see the first big decline, with a drop of 570 properties.  The number is back below 13,000, at 12, 946.

Phew, I was just beginning to wonder if we were going to surpass 2009’s real estate totals in the Seattle area.  We may, as 2010  is still young, but it’s a breath of fresh air in the real estate market to see a drop in inventory (the number of homes and condos for sale).  Sales have been brisk as many buyers were anxious to buy a home in the Seattle area before the expiration of the 2010 tax credit, which could explain the decline in inventory.

The next few weeks will be interesting.  Normally the number of homes for sale does increase in the summer months in Seattle, but I’m wondering if a lot of sellers put their home on the market earlier this year to capture the activity with the 2010 home buyers’ credit.

Do you think the numbers will increase as we head into the summer?

King County Washington Properties for Sale, 5-3-10