‘Cups overflowing with options’ for Puget Sound homebuyers

New statistics from the Northwest Multiple Listing Service show evidence of a shifting housing market in the Puget Sound region, with the July report showing just over two months of inventory systemwide.

Inventory of single family homes and condominiums across the 26 counties served by the listing service has not exceeded two months since January 2019, when there was 2.3 months of supply, according to Northwest MLS.

“Today’s buyers have their cups finally overflowing with options as residential inventory grows to about two months of supply,” said Dick Beeson, managing broker at RE/MAX Northwest Realtors in Gig Harbor.

Beeson also said that sellers “are starting to see that overpricing just ain’t in the cards right now,” since inventory is so high and buy and seller expectations have shifted.

According to Northwest MLS statistics, active listings have nearly doubled since last year, going from 7,948 available single family homes and condos to 15,381 — an increase of 93.5%.

Pending sales are also down 24% from last year, dropping from 11,567 mutually accepted offers to 8,775. Northwest MLS says there’s been a nearly 30% year-over-year decrease in closed sales, dropping from 10,919 to 7,645.

Even with slower sales, home prices still rose, albeit at a slower rate. The median price on closed sales for single family homes and condos in July jumped 6.1% from last year, increasing from $589,000 to $625,000.

For single family homes only (excluding condos), prices jumped 6.6%. Condo prices went up by more than 8.6%.

Price changes were less dramatic in King County, which had a gain of 2.7% ($789,000 to $810,000). In Pierce County, though, the price of homes jumped nearly 12.7% ($501,500 to $565,000).

Kitsap County prices rose 5.4%, while prices in Snohomish County rose 9.3%.

“Buyer opportunities have returned to the Puget Sound market, including increased availability and selection of properties, as well as fewer multiple offer/premium pricing situations,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.

Click here for more information on the July Northwest MLS data.