|Area||Active||Pending||Sold 3/1/09 to 5/20/2009||#/day||#/month||#months supply|
|140 West Seattle||77||15||33||0.41||12.38||6.22|
|380385 Rainier Valley||40||14||16||0.20||6.00||6.67|
|390 Madison Park to I-90||43||16||24||0.30||9.00||4.78|
|700 Cap Hill, Queen Anne, Magnolia||46||9||14||0.18||5.25||8.76|
|705 Northwest Seattle (Ballard, Greenwood)||97||42||62||0.78||23.25||4.17|
|710 Northeast Seattle (Ravenna, Lake City)||25||12||19||0.24||7.13||3.51|
As predicted, inventory is SHRINKING! Lots of sales and lots of pendings in this property category. Supply in north Seattle is down to about four months, which most folks say is a “heathly balance.” Caveat — the “Active” numbers may not include sites where the builder has one or two units out of four or six available. But those sales of unlisted units won’t show up in my stats, which I pulled from our NWMLS database.
Has to make the construction lenders — Sterling Savings, Citybank, Evergreen Bank, and their ilk — very pleased.
I think May and June closed sales will even higher, until inventory is totally gone. And you know what happens when supply goes down and demand stays constant…