Temperatures are starting to cool off, and the housing market is following suit. This means that homebuying has become less competitive for homebuyers, making the offer game a lot more easygoing.
Inventory of single-family homes for sale in King, Pierce and Snohomish counties increased by 10.4 percent in July, compared to June. This cooloff period is helping sellers be more flexible about timing. As the market continues to stay steady in Pierce County, with 1.5 months’ supply of single-family homes, experts are still noticing the shift in home-buying farther south.
According to the Northwest MLS, Pierce County’s median closed home-sale price in July was $353,500, compared to $351,000 in June. Brokers report that despite higher interest rates, the South Sound market remains steady compared with last year, powered by the larger selection of affordable homes.
Buyers may expect a shift in overall market prices in King County as inventory increases. King County has become less aggressive, with 1.62 months of inventory, and the average sales price for homes sold in July was $699,000, compared to June’s median sales price of $715,000. The Seattle Times reports that real estate experts are attributing this cool-down period to rent stabilization, increased mortgage rates, and stagnant job growth in the region.
Although the market may appear to be slowing down, experts are confident that activity in the market will remain consistent.
SOURCE: Coldwell Banker Bain