Realtors share some good news for home buyers for once
By Zosha Millman, SeattlePI
Ask any real estate analyst and they’ll tell you the same thing: A remedy — if not the main remedy, these days — to ever-rising prices is increased supply.
Which is, of course, exactly where Seattle has been hamstrung lately. In fact, it’s where the whole state has been struggling for years; the latest Northwest Multiple Listing Service report notes that 14,524 new listings were added during May 2018. That’s the first time the volume has topped 14,000 in ten years.
Last month, more than 11,200 listings were added, again from April of nearly 29%.
For the first time in 44 months, total active listings have netted in the positive, with a year-over-year comparison of 3.8%. The NWMLS area overall has 1.44 months of supply — still, a ways off from the metric of a balanced market of at least four months but climbing for once.
Even King County feels a little more lush: The county is sporting more than a month’s supply for the first time since September 2017, and only the third time since October 2016.
And as we head into summer, when more listings will be hitting the market on a monthly basis, realtors have high hopes for this being a sign of relief for the local market.
“What we are experiencing is actually a good thing as inventory leans toward a more balanced market,” George Moorhead, designated broker at Bentley Properties, said in the NWMLS report, noting that the region kind of skipped over the typical spring market. “Buyers will definitely be able to capitalize on a softer summer market this year.”
Of course, it’s not all roses: Home prices in the King County are still up 16%, year-over-year, and coupled with rising interest rates the area is far from simply “affordable.” Whether or not this trend actually continues through the summer, or serves as a blip on the radar, remains to be seen.\