Northwest MLS inventory doubles year over year

by Patrick Regan

Residential housing inventory has doubled in the last year within the Northwest MLS footprint, August data shows.

At the end of the month, there were 14,683 active listings of single-family homes and condominiums across the 26 counties in the NWMLS. Despite the increase, that equates to about 1.84 months of inventory. A traditional balanced market generally has four to six months of inventory, industry experts have said.

Pending sales and closings were down 22% and 24%, respectively, in August compared to the same month in 2021.

“Last month’s housing numbers certainly are eye-opening,” Windermere Chief Economist Matthew Gardner said. “However, I believe they are simply indicating the market is trending back to the more normalized conditions that we were seeing before the pandemic.”

The median price on single-family homes and condos that closed during August was $600,000, a 3.6% hike from a year ago but down from July when the price was $625,000.

The median price on single-family homes in the Puget Sound region’s four counties increased from 5.9% in King County up to 9.2% in Kitsap County, year over year. Median pricing on single-family homes and condos was $815,000 in King County, $700,000 in Snohomish, $550,000 in Pierce and $547,380 in Kitsap.

The median condo price system-wide increased 3.3% from 12 months ago, from $435,625 to $450,000. In King County, where nearly 60% of NWMLS condo sales occurred, the median price increased from $458,000 to $485,000.

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, is optimistic about the latest data. “The resilience is clear as a steady cadence of homes going under contract continues,” he said. “In the more affordable and mid-price ranges, demand remains strong as buyers look to get settled before fall.”

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