Summer 2018 in the Pacific Northwest is heating up with an increase in inventory from the previous spring season. While new inventory has been added, overall supply remains tight, fueling home price increases in the King County area.
According to recent figures published by the Northwest MLS for the month of May, an impressive 14,524 new listings were added. This many new listings have not been added since May 2008. This is good news for buyers looking in the King County area, as inventory has now topped a one-month supply. Despite these recent gains in supply, however, overall inventory is still low, sitting at 1.44 months of supply.
Northwest MLS stats also show that home prices are still climbing at doubledigit rates in most counties. Within the four Puget Sound county areas, King County achieved one of the largest gains, at 16 percent. Industry experts don’t expect the price increases to slow, and citing planned expansions by Amazon, Alaska Airlines and other companies as contributing factors.
Steadily rising home prices are causing more buyers to look towards Pierce County and other areas in the South Sound – even as far out as Thurston and Kitsap counties. Northwest MLS sources also point out that multiple offers on new listings are becoming common practice in Kitsap County, with homes often selling significantly above the list price.
With no end in sight for the current market trends, buyers can look forward to plentiful summer opportunities in our beautiful region.