Despite growing year-over-year increases in inventory, the Northwest Multiple Listing Service’s latest market report suggests there still will be tough competition for well-priced homes in the coming months.

New listings, pending sales and closings all fell in April, while total active listings increased. Prices also have eased slightly as inventory is less scarce than it was a year ago. That’s why, despite 1.5 months being well below the industry standard of a “balanced market,” buyers will feel like they have a lot more options than they did a year ago.

Pending sales also reached a year-to-date peak, up 23% from January. However, the 7,137 pending sales in April were down almost 27% year over year.

“When looking at the inventory of single-family homes, only one county has more than six months of supply,” said John Deely, executive vice president of operations at Coldwell Banker Bain, referencing the island county of San Juan. “We’re moving at a slower pace than last year. We are maintaining a seller’s market given the lack of inventory along with multiple offers, as a healthy number of buyers absorb what is being listed. The key is we can’t compare today’s market to the record years we had during the pandemic.”

Across the region, the median sales price fell 8.6% to $603,250. However, that’s up 8.3% from January’s median price of $557,250.

King County accounted for 35% of all sales in the Northwest MLS in April. The median price in King County fell to $875,000, down year over year but up from $781,098 in January. Deely said this is proof the county, and region, are “moving in a positive direction.”

Dean Rebhuhn, owner at Village Homes and Properties in Woodinville, said that, despite tight inventory, buyers can find positives in today’s market. “Motivated sellers who recognize today’s market conditions with prices down about 10% from last year are attracting buyers,” he said. “We do see a vibrant spring market for both buyers and sellers.”