You may have heard that millennials don’t buy houses. The Great Recession and housing bubble scared them away. For some, myself included, that’s true. But for millennials who are watching their rents go up and up and up, buying a home is looking like a more attractive option. Combine that with low interest rates and a flood of new people to the area, and you’ll see what’s currently playing out in Seattle.
“The frenzy market has returned and is in full bloom in King and Snohomish counties. Listings are selling as soon as they come on the market for sale,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
The Northwest Multiple Listing Service released data this week for March that shows 11,408 pending sales, with only 10,505 sellers listed their homes. Basically, the moment a house hits the market, it’s sold. John L. Scott Real Estate found that 83 percent of King County homes sell in the first 30 days they are listed. Chances are, there will be a bidding war over the home, and it will sell for more than it was listed.
In King County there is slightly more than 1.3 months of supply and in Snohomish County supply stands at just under 1.7 months.Add to that, rumors that Alibaba may open its U.S. headquarters in the Seattle area, that Expedia is moving its headquarters to Seattle from Bellevue and that nearly every tech company in the area is hiring, and it ’ s likely the number of home sales will continue to increase.