Condo inventory in the metro downtown Seattle may be starting to tighten.
Back in the real estate boom days of mid-2005 metro Seattle condo supply was just around 1.4 to 1.5 months of inventory. We are no where near that and probably won't see that heady of a market again for a long time. But we are down from the February peak of 6.8 months of inventory to about 5.0 months.
With projected job growth and lessening of new projects coming on line, we may have just experienced the bottom. And because of our lessor exposure to the sub-prime mortgage meltdown, our inventory has not mushroomed as much. This should mean we are posed to bounce back quicker than other areas.
Only time will tell. But while the national forecast still looks rather bleak, Seattle's fundamentals have some room for optimism that a growing market will return here sooner rather than later.