There were 507 fewer pending sales during February than the same month in 2013, but people believe the 6.5% decline isn’t due to a shortage of buyers, a report from the Northwest Multiple Listing Service said.
“If we just had enough homes to sell we would easily be outpacing last year’s pending numbers,” said Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. “Locally, we are literally starving for inventory,” he added.
There were 7,247 mutually accepted offers on single family homes and condominiums last month, down from 7,754 pending sales for the same month last year.
But tightened inventory was not the only thing hindering sales.
While there was a severe shortage of homes for sale in the most sought-after price ranges, the fan frenzy surrounding the Seahawks is also a factor in the setback of sales, the report said.
“The Seahawks’ run to the Super Bowl affected sales,” reported J. Lennox Scott, CEO of John L. Scott Real Estate.
However, since the Super Bowl Championship game, he said listing activity has picked up, resulting in brisk sales activity for the new, but still limited inventory.
In addition, MLS brokers added 7,234 new listings to inventory last month, down from February 2013 when 7,497 properties were listed.