Increase in new listings offers ‘hope’ for Seattle-area homebuyers amid tight market

Written by MLHA Team

July 8, 2021

A neighborhood along Lake Washington in Seattle. A fall day in the Pacific Northwest.

Residential area built up on a hillside in Seattle. 

Early morning sun highlights the front of a hillside of houses in Seattle, Washington.

Homebuyer with keys.

Is relief finally beginning to materialize for Puget Sound homebuyers? There might be reason for cautious optimism, according to a new market report.

During June, the area saw a significant increase in new listings compared to the previous month, according to the most recent data from the Northwest Multiple Listing Service. Active listings for the region at the end of the month reached a peak of 6,358, the highest level since November 2020. For all of King, Pierce, and Snohomish counties, listings for both single-family homes and condominiums were up 14.5% compared to May levels.

“Homebuyers will be happy to hear that between May and June the number of listings in King, Pierce, and Snohomish counties rose, giving them more homes to choose from and possibly easing the pressure just a little,” said Matthew Gardner, chief economist at Windermere Real Estate in a news release Wednesday.

While that slight increase is good news for buyers in the red hot real estate market that has seen thousands of homes selling for $100,000 over the asking price, inventory is still down year-over-year by more than 34%.

“We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets,” said John Deely, executive vice president of operations for Coldwell Banker Bain. “Inventory on hand remains at two-to-three weeks in the larger counties.”

Home prices also remain high after reaching record-breaking median sale prices last month. The median sale price in King County for June was $779,919. In Snohomish County, the median sale price was slightly lower at $675,000. Kitsap’s median price was $505,000, and Pierce had a median price of $507,375.

However, first-time homebuyers and those looking for affordable or mid-range homes were priced out of the market in June. The report found that fewer than 23% of listings had asking prices under $400,000.

And like previous months, buyer demand remains high with homes flying off the market in a matter of days, a pattern that is not likely to change in the short run according to experts.

 “Many homes are going under contract within days due to the intense buyer demand,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We expect the extremely high intensity for each listing will continue in most price ranges locally into the spring of 2022 due to historically low interest rates creating a large backlog of buyers looking to purchase a home.”

Condominium sales also continue to increase as COVID-19 restrictions lift and more people move back to denser urban areas. Sales for condos in the region were up 59% compared to last year and prices increased more than 20%. 

In last month’s report, Gardner noted that many condo owners decided to sell amid the height of the COVID-19 pandemic and more out of the urban downtown core, leading to high inventory and lower demand. Some downtown properties even began offering price reductions to attract new buyers, giving them the upper hand. Now, even that market appears to be stabilizing and luring buyers back.

A record number of Seattle homes are selling above listing price

Log cabin on 4 acres in Port Orchard, Washington asks less than $600K

Spanish stunner perched atop Seattle’s Magnolia neighborhood offers jaw-dropping views

Watch the whales from this custom Bainbridge Island home

9-acre Gig Harbor, Washington estate is part farm, part resort, part retreat; asking $4M

Selling your home? Here’s when experts say you should list it in Seattle for a quick sale

Get matched to the perfect agent

View newly listed homes in Seattle

Some articles from around the MLHA Nation you might like...

0 Comments

Submit a Comment

Getting More Local

Setting Up Shop In Your Area Soon!

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

Vounce HOME VALUE

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of Your Area.

Sample is of 

My Seattle
Home Value
Marketplace

Coming Soon!

My Local Home Value

MARKETPLACE

Interactive and Intuitive Digital Magazine focused on the housing markets and home values of the area you live.

Sample is of

My Seattle
Home Value
Marketplace

Appraiser Interview Guide

We have a combined 70+ years of appraisal experience. It makes us happy to share this with you. Let's jump right in then!

1. The first thing is a lot like many things you might get ready to do is to get your ducks in a row, and have a game plan for setting up your appraisal. And of course  you can't know everything about everything so the right appraiser will provide those answers, and you will get the best results.

2. Have your property information readily available when talking with the appraiser...

Get the complete Appraiser Interview Guide delivered directly to your email box in a readable and downloadable format, there's no cost.

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Locations By State

We have all Current Certified Residential and Licenced Appraisers in the country. You can simply get started anytime.
We have also setup in many cities and metro areas as well as a centalized base for many rural locations. We will setup more locations each week.

Washington  |  Oregon  |  California  |  Texas  |  New York  |  Illinois  |  Florida  |  Pennsylvania  |  Washington DC

Home Office

Portland, OR

Phone

503 781-0448

Contact Us

Copyright ©2021 • My Local Home Appraiser

Copyright ©2021 • My Local Home Appraiser

Phone: (503) 349-3765  Home Office: Portland, OR  |  Email: contact@mylocalhomeappraiser.com

  Email: contact@mylocalhomeappraiser.com