Market Update - Continued Improvement in Total Inventory

According to the latest NWMLS Market Update, the volume of new listings and total inventory has improved over the last year.

The median King County home price is $610,000—the lowest since March 2017 when it was $600,000. The median home is now $116,000 less than the peak price of $726,000 set last May. In the City of Seattle, the median home sold for $711,000, a year-over-year decrease of 6 percent, and down $119,000 since last spring. Meanwhile, prices on the Eastside dipped 3 percent over the past year to $910,000, and a small increase from December.

Although available inventory is still below the 4-to-6 month gauge of a balanced market it, it is slowly progressing. The NWMLS’ 23-county market area has increased to 2.40 months after dipping below 2 months the previous month.

In both King and Snohomish counties listing inventory more than doubled year-over-year. King County has increased to 2.34 months of inventory compared to 0.92 months; and Snohomish County to 2.00 months compared to 0.80 months a year ago. As for condo inventory, it has tripled countywide in the past year with the median price increasing less than 1 percent to $384,000.

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