There were more active listings of single-family homes and condominiums in June than May for Eastside homebuyers, according to figures released Wednesday by the Northwest Multiple Listing Service (NWMLS), offering some good news for buyers.
“Homebuyers will be happy to hear that between May and June the number of listings in King, Pierce, and Snohomish counties rose, giving them more homes to choose from and possibly easing the pressure just a little,” Matthew Gardner, chief economist at Windermere Real Estate, said in a news release accompanying NWMLS’s report for June.
For the tri-county area, total active listings of single-family homes and condominiums increased 14.5 percent from May. For King and Snohomish counties only, the active-listing count rose 15 percent. New listings rose 11.1 percent in King and Snohomish counties from May.
“Buyers need some relief, so I hope this trend continues,” Gardner said.
Other industry analysts suggested the uptick in inventory might be short-lived. They cite vigorous activity as Washington state lifts several strict coronavirus restrictions.
“We continue on a trajectory that will keep the Puget Sound region at the top of national lists for one of the hottest housing markets,” John Deely, executive vice president of operations for Coldwell Banker Bain, said in the release. “Inventory on hand remains at two-to-three weeks in the larger counties.”
Low inventory and high demand continue to push up prices.
The median sales price of homes and condos combined in King County was $779,919 in June, up 15. percent from June 2020. Mercer Island had the highest median sales price in the county, $2 million, up 28.2 percent.
The median sales price in Snohomish County hit $675,000, up 29.4 percent from a year ago. Southeast Snohomish County had the highest median, $870,000, up 17.6 percent.
Looking at month-to-month, rather than year-over-year changes, Gardner noted in the release that King and Pierce counties experienced modest price increases, while prices in Snohomish County rose by “a solid 3.1 percent. I believe this points to an uptick in buyers who can continue working from home and have made the choice to move from King to Snohomish County where housing is more affordable. The same can be inferred for Kitsap County.”