Every agent I’ve run into in the last week has wanted to chat about whether the market is softening or slowing. With the numbers for May out it is a great time to have this discussion :).

I think it is too soon to conclude if it is or isn’t, but what we do know is that the number of new listings in Seattle hit an eight year high, a level we haven’t seen since 2010, but really, it is only 69 more listings than we saw in May 2016. It isn’t *that* many. Also, the total number homes for sale is nowhere near where it was five or ten years ago. Also keep in mind that every year the market slows over summer. This year it feels like we got off to an early start and that the summer slow down might be here a few weeks early as many buyers determined to buy this year have already purchased.

Anecdotally, in past years, many home owners were saying they weren’t going to sell because prices would only continue to rise, but this year it feels like more and more home owners are saying that we’ve had a good run and it is time to take money off the table. Also, this year more lenders have solutions that are enabling home owners to buy without having to sell first; enabling people to make a move that they didn’t think they could previously make (because no one wants to sell, temporarily rent, then buy.) So it feels like we’ll see more new listings, giving buyers more options.

What’s our advice?

Buyers – be patient. Inventory will likely continue to build for a few months giving you more options. But keep in mind that great homes will continue to be hot. Just this week we heard of a home with 10 offers on it. Remember to keep an eye on homes that go past their offer review date. Those are great homes to write “conventional” offers on as you likely won’t have any competition.

Sellers – if you’re thinking of taking money off the table, sooner rather than later might be the right call but only time will tell! Or wait a little longer and sell early next year in January, February, March or April (but avoiding holiday weekends) when the market tends to be the hottest as that is when the most buyers are looking but with the fewest homes for sale.

Single-family & townhomes:

• 790 homes sold
  •  10.64% from last month
  •  3.00% from last year
• $805,000 median list price
  •  0.63% from last month
  •  11.03% from last year
• $458 median list price per square foot
  • -0.43% from last month
  •  +13.65% from last year
• 103.4 average sale-to-list price ratio
  • -1.15% as last month
  • -1.71% from last year
• 1140 new listings
  •  +27.37% from last month
  •  +4.97% from last year
• 782 homes for sale
  •  +23.73% from last month
  • +24.72% from last year
• 7 days is the average time homes have been on-market
  •  Same as last month
  • Same as last year

Condos:

• 296 homes sold
  • +12.55% from last month
  • +1.37% from last year
• $537,500 median list price
  • -0.46% from last month
  • +22.16% from last year
• $654 median list price per square foot
  • +0.62% from last month
  •  +12.76% from last year
• 102.2% average sale-to-list price ratio
  •  -0.29% from last month
  •  -4.49% from last year
• 401 new listings
  • +10.47% from last month
  • +15.23%  from last year
• 325 homes for sale
  • +25.00% from last month
  •  +50.46% from last year
• 7 days is the average time homes have been on-market
  • -12.50% from last month
  • same as last year

What did other outlets have to say?

• Seattle Times, https://www.seattletimes.com/business/real-estate/seattle-area-home-prices-reach-record-highs-but-increasing-inventory-offers-a-ray-of-hope/
• Seattle Bubble: NWMLS: New listings hit highest point since 2007 as inventory finally grows
• PSBJ, Wild housing market reveals new truths behind bidding wars
• Seattle’s housing market may finally level out as inventory begins to build

Single-family May 2018 Graphs

Condo May 2018 Graphs