As we near the end of 2018, the market has adjusted more closely to historical norms. With the Puget Sound region seeing a much more stable market compared to the brisk pace of the last few years, real estate professionals are pragmatic and taking it in stride.
For the first time since January 2015, King County ended September with 2.5 months of inventory. Although the current number indicates a healthy supply for the Puget Sound, experts hope to see the Seattle area increase its inventory to four to six months. The surplus in inventory is also good news for buyers, as prices have leveled out due to the rising number of listings. The month of August saw more listings in the Seattle area than at any other period in the last three years. The normalization of the market is due to a few factors, such as buyer’s fatigue from the summer months, and an increase in interest rates.
Buyers may see a slight decline in housing prices in this type of market and can now take their time without as much competition from foreign investors and multiple bidders. This shift towards a buyer’s market may also lead to more autonomy in negotiating contingency offers. A local real estate director told The Seattle Times that while homes often sell for above the asking price, the typical house is now selling at the original asking price. According to the most recent stats from the Northwest MLS, in Pierce County, the median single-family home closed-sale price was $352, 750, in King County, it was $668,000, while Snohomish County reported $484,995. Compared to the same period last year, in Pierce County, the median singlefamily closed-sale-price increased by 10.67 percent, in King County by 6.88 percent and in Snohomish by 7. 78 percent. Experts predict that we won’t be seeing a dramatic increase in prices relatively soon compared to prior months.