This is the best time of year for potential home buyers in Seattle! The inventory is still improving, with over 13,500 new listings added to the MLS last month and a 5.2% increase in active listings from a year ago. More listings means more opportunities for buyers! Industry experts see the rising inventory as a hopeful trend that will continue through the summer.
Buyers around Washington saw less competition and more choices in June. In fact, there has been a decrease in multiple offers and "bidding wars" in June. This has led to a feeling of the market changing and softening slightly. However, there is still an unbalance in the market when it comes to pricing. With new jobs still be added in the region to the tune of about 100,000 annually and less than 30,000 single family homes being built in a year, we will continue to see prices rise as demand outpaces supply.
The June market saw prices increase 10% in King County, about 15% in Snohomish and this market is spreading west to Jefferson & Clallam counties. Grant, Skagit & Kitsap all had gains in sales prices that were close to 6%. It is still a seller's market, but one positive is that the median price for June's closed transactions is $425,000 - only $5,000 above May.