WA Homebuyers are Facing Less Competition – But is it temporary?
As summer is slowly winding down, buyers in Washington state are finally finding it easier to purchase a home – even if the relief is only temporary, as the experts predict. The Northwest Multiple Listing Service released its latest press report and it appears that buyers are finding some relief.
More new listings were added last month than the number of those that went under contract, even if by a small margin. 12,916 new listings were added to the database in July, while 11,567 pending sales were reported area-wide. At the end of last month there were just shy of eight thousand listings available to be purchased by the eager buyers – down over 22.5% from the same time a year ago.
As many note, historically August is the month with an elevated number of listings, which start to taper off as fall and holiday season approach. Accordingly, 14 our of the 26 counties analyzed in the report showed a year over year gain in new listings – about 3.2%. However, the volume of listings in King County dropped about 5.4% from a year ago.
However, prices continue climbing. As compared to 2019, the median price in King county has increased 26.2%. Meanwhile, condo prices are rising more modestly, climbing 12.6% year over year, as opposed to the single family home rate increase of 22% year over year.Email