April proved to be a good month for buyers as inventory continued to grow, price increases slowed and mortgage rates remained low. According to the latest NWMLS market update, there was a 28.5 percent overall increase in active listings, compared to a year ago. Unlike last year when there were double-digit price increases, there was only a 2.4 percent increase in the median prices for single family homes and condos that closed during April.
In Seattle, the median price of a single family home was down 4.8 percent from a year ago to $690,000. Despite the dip in price, there were both increases in inventory and pending sales in King County over the same period—pending sales were up 17.2 percent. Meanwhile, the Eastside saw its median price go down 1.6 percent to $927,000.
As for condos in King County, prices continue to fall as we see an increase in inventory. Prices dropped about 9.6 percent as inventory increased nearly 122 percent from a year ago. King County’s inventory has grown to 1.69 months compared to just 0.94 months a year ago. Although inventory is still below the 4-month gauge of a “balanced market,” buyers now have a little more time to make a decision—a different situation from a year ago.