Seattle slowing down??

[Account Closed]

I read an article today in the Seattle Times that says single family inventory increased 43% from June last year, and condo inventory increased a whopping 73%. Is this it?? Are we finally seeing a softening in the market? https://www.seattletimes.com/business/real-estate/market-shift-big-spike-in-seattle-area-homes-for-sale-slows-price-growth/

[Pete M.]

I've seen a significant slowdown in SFR purchases in my neighborhood (Issaquah) over the past month or so. Homes used to be on and off the market within a weekend... and now many are taking their homes off the market after being up for three or more weeks.

Saw this several weeks ago: https://www.seattletimes.com/business/real-estate/...

"But the regional averages mask the extremes in neighborhoods getting the most apartments: A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior (the number is skewed by brand-new buildings that take a while to lease up, though vacancy rates at older buildings downtown are also rising)."

Here's the article @Steve Vaughan: https://www.seattletimes.com/business/real-estate/... (tl;dr: 65 cranes in Seattle)

Massive building projects coupled with a huge growth cycle nearing the top of what the market can support is my guess.  Not to say the growth is over, but it certainly can't continue forever either.