The housing market over the past couple years has been fast paced and extremely competitive, but we are finally seeing a shift as residential inventory grows. For the first time since January 2019, residential listings in the Northwest Multiple Listing Service have reached 2.01 months supply. Sellers are now starting to realize that pricing above market just isn’t in the cards right now and it feels like things are starting to normalize.
According to the NWMLS, active listings have nearly doubled from a year ago, jumping 93.5%. Pending sales on the other hand have retreated about 24% from a year ago and nearly 30% decrease in closed sales. Despite fewer sales, prices are still rising but at a slower rate.
The market balancing is favoring buyers which is a relief after competing with multiple offers, little to no inventory, and leaving out inspection or financing contingencies just to get noticed. Buyers now have some breathing room a some power back in getting a home under contract.
Most sellers are still receiving offers within 15 days, although that is also expected to increase as inventory grows. The rise in inventory will also encourage sellers who may have been on the fence about putting their home on the market to go for in since there are more options of new places to go.
Local July Activity for Single Family Homes and Condos:
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