While it’s still a sellers’ market, opinions are mixed, with some experts believing that the imbalance may be easing, pointing to a slower pace of sales and moderating prices.
A new summary report from the Northwest Multiple Listing Service shows September’s year-over-year volume of new listings jumped 14.5 percent, while inventory across 23 counties for homes and condos dropped 8%. Compared to August, median home prices dropped by $10,000.
September’s new listings marked the lowest monthly total since February – indicating an expected seasonal slowdown. In November, new listings coming on the market generally drop by 50 percent on a monthly basis compared to spring and summer months.
In King County, there is only one month of supply. Similarly, Snohomish County has only a month of inventory, with well-priced, well-conditioned homes continuing to draw offers in record time.
Some believe that the modest increase in the number of new listings in the King, Pierce, and Snohomish County regions, combined with the slowing pace of sales and prices points towards a market that is slowly beginning to rebalance itself.
The likelihood of an interest rate hike before year-end has many buyers antsy to make a move.