Puget Sound Inventory Gains Leave Some Buyers Hopeful
Inventory—particularly a lack thereof—has been on the mind of many Seattleites in recent years, particularly those that decide to take a leap into homeownership. And after years of the same story, things are beginning to change, as a Realtor.com report cited by Puget Sound Business Journal reveals “‘a quiet inventory turnaround’ in high-priced markets” as the Seattle-Tacoma-Bellevue region saw a near 30-percent increase in the number of active listings in July 2018.
The rate of inventory increase was the second highest in the nation, behind only San Jose, California, where the number of homes for sale surged 44 percent in July. Market experts note that inventory gains are strongest in high-value, competitive neighborhoods, particularly within the higher price point in said areas. Some of the places where new listings are strongest are areas that have seen an uptick in construction growth, though as PSBJ adds, “high prices and the fast rate at which homes are selling are causing some buyer hesitation, which is reflected in fewer home sales.”
According to the Realtor.com report, the median list price of an active home in Seattle was $569,000 with the average days on market at one month. Though prices could continue to dip slightly, the report says “job growth and slow construction will keep prices from dropping too much,” but buyers will begin to feel the benefit of less bidding wars, sellers lowering list prices, and a gradual lean toward a more balanced market.