Supply of Single-Family Homes Declines In Many Neighborhoods

*Synced from Seattle and Real Estate Blog
The single-family house is still at the top of many home buyers’ lists when searching for a property to buy, but the influx of condominiums and townhouses in many of Seattle’s most popular neighborhoods is further decreasing the supply of stand-alone homes in a market where inventory is already tight.
According to a Seattle Times analysis of census data from 2000-2012, the number of single-family homes has decreased most significantly in North Seattle neighborhoods such as Wallingford, Green Lake, Maple Leaf, and Northgate, as well as in the area surrounding Dexter Avenue North on the east side of Queen Anne above South Lake Union. However, South End neighborhoods such as Jefferson Park on Beacon Hill, Mount Baker, and South Park all saw increases in single-family homes in the same time span.
In a market that has seen prices soaring and bidding wars erupting over the small supply of single-family homes that are available, this is not encouraging news for buyers looking to live in neighborhoods where many multifamily developments are in the works. The city has added 5,000 net single-family homes since 2000, but with 80,000 new residents having moved to Seattle since then, that barely makes a dent in terms of demand. To see the Times’ detailed map of single-family home inventory, click here.
If you would like more information about buying a home in the Seattle area, contact your local real estate agent today.