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New Construction inventory continues to shrink on the Eastside. You can see after a modest climb, inventory based on pending sales continues to level off. This will put pressure on the overall local housing market as people who want new or newer resale homes.
You can see below that the new listings are shrinking also. Right now the market is motivated by buyers and sellers that need to move: New jobs, new family, and relocation. About 25% of the market is short sales and foreclosures.
The market is just starting to see people who want to move but have been on the sidelines waiting for a data that shows prices are stabilizing. The more adventurous buyers/sellers will enter the market this fall and by next spring we will see more people buying and selling out of desire and not pressure.
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