Spring Real Estate Report for Burien

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May 10, 2024

by Angie HallWindermere Real Estate & Belle Residence. I trust you are all enjoying our beautiful Pacific Northwest spring, glorious sunny days in May like this Mother's Day weekend (following our April showers, of course!)The market seems to be a little like the weather right now, busy one week and a little slower the next as interest rates continue to stubbornly stay a bit higher than anticipated. Incredibly low inventory still prevails, leaving buyers with little to choose from. Our Gem of the Sound real estate market proves to be handling the ups and downs. One of my favorite trends to track is the active listing to pending sales ratio (chart below), which shows the current supply and demand. You can see that our Burien area in February & March experienced negative inventory, meaning more demand than supply. During this time interest rates dropped into the 6's. Currently, supply is slightly higher than demand. (However, this is very slight.)[caption id="attachment_17458" align="aligncenter" width="713"]

Chart of Active Listings and Pending Listings - End of April 2024[/caption]What does this mean for buyers and sellers? For sellers, it is still a favorable time. Burien properties, especially under $1.5 million, are selling very quickly and, in many cases, with multiple offers… a friendly reminder that we are not back to the 2021- 2022 craziness, but many homes are selling just over "ask." It is a great time if you are considering a move.For buyers, it illustrates what happens when interest rates drop: competition and escalated offers become real. If you are in a position to purchase, and a property feels right to you, go for it!I look forward to more sunny days ahead with pickleball play at our wonderful area courts!Hope to see you out and about. Continue to shop locally & support our fabulous business owners.Angie HallWindermere Real Estate & Belle Residence206-271-9417angieh.withwre.com [caption id="attachment_17464" align="aligncenter" width="440"]