(PRWEB) May 19, 2013
The Real Estate Marketing Insider announced the recipient of its Luxury Market of the Week award, given to the best market for high-price and luxury real estate. This week’s choice of Seattle, Wash., was prompted by news in the Puget Sound Business Journal that Seattle is enjoying surges in sales and home prices, with some experts calling it a, “surge market.”
Seattle realtor Lennox Scott gave an insider’s perspective on the residential market, both luxury and standard, at a recent breakfast meeting put up by his company, John L. Scott Real Estate. He said that sales numbers for his firm are up a whopping 25 percent in the last 18 months. Scott also gushed over an extremely tight sales turnaround for new listings, with about 70 percent properties selling within 30 days of their real estate postcards being released. Most importantly, Scott discussed a heavy shortage in luxury inventory. Seattle’s King County currently has only a four-month supply of luxury properties. With buyers coming back to the metropolitan area in large numbers, this shortage points to increased luxury construction and quick turnaround for new properties.
For investors and realtors who are hoping to add West Coast properties to their portfolios, popular options include a San Diego beach rental or a property in the Bay Area. However, the Insider urges agents to consider properties in the Seattle luxury market, too. The thin inventory and the surge in Seattle-area sales means that the Pacific Northwest center is poised for huge growth as construction rises to meet demand. As Seattle’s real estate becomes more popular, realtors who can find properties in the area will enjoy a short sales turnaround and high prices for luxury properties.
The Real Estate Marketing Insider named Seattle, Wash., as its Luxury Market of the Week. REMI cited Seattle’s blooming sales numbers and low luxury inventory as prime conditions for realtors to acquire Seattle luxury property and reap great rewards.
About the Real Estate Marketing Insider:
The Real Estate Marketing Insider is an online real estate publication based in La Jolla, Calif. The Insider tracks developments, trends, and innovations in the ever-changing real estate market.