According to King County housing, inventory has doubled since May, reaching nearly two months of stock by the end of July. While conditions have improved for buyers, realtors still consider anything less than four months of inventory to be a “sellers’ market.” The last time supply was above two months was in January 2019, according to NWMLS data.
“We are coming off the fevered pitch of a market that had tremendous velocity over the last few years,” said John Deely, executive vice president at Coldwell Banker Bain. “With listings starting to build again we are seeing a bit of a natural slowdown, yet still very much a sellers’ market.”
Prices, though growing slower, have yet to see a meaningful decline, and slight decreases are typical during the summer months.
From July 2021 – 2022:
- Median price for closed sales: $810,000 (+2.7%)
- Total closed sales: 2,535 (-37%)
- Total pending sales: 2,705 (-30%)