Housing inventory in the Northwest MLS reached its highest point since January 2019, new NWMLS July statistics show.
The 2.01 months of housing supply in July is the most since it was 2.3 months three-and-a-half years ago. King County had about seven weeks of inventory at the end of July (1.86 months), more than double May’s supply (0.83 months).
“Today’s buyers have their cups finally overflowing with options as residential inventory grows to about two months of supply,” Dick Beeson, managing broker at RE/MAX Northwest Realtors in Gig Harbor, said in a news release.
While inventory is on the upswing, anything less than four months of inventory is still considered a sellers’ market. Sellers are still seeing offers at or above asking price, and properties are still moving quickly, real estate experts in a NWMLS news release said.
The market is still shifting. Active listings of both single-family homes and condos nearly doubled year over year. New listings grew 14.7% to 11,805 from June to July. Pending sales are down 24% and closed sales decreased 30%, compared to July 2021.
Beeson said buyers and sellers will need to “recalibrate” as market demands change. Prices, though, continue to rise.
The median price of homes and condos in King County rose about 2.7% from June to July, from $789,000 to $810,000. The median price rose 5.4% in Kitsap County, 9.3% in Snohomish and 12.7% in Pierce.
On the whole, the numbers point to a real estate market moving in favor of buyers.
“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.