Total active listings in the 26-county region represented by the Northwest Multiple Listing Service nearly doubled in August from a year ago and were more than triple the total active listings in March. More inventory translated to more normalized conditions and a slight dampening of home price appreciation.
The median sales price for single-family homes and condominiums combined in King and Snohomish counties rose 5.6 percent and 4.9 percent, respectively, from August 2021, hitting $815,000 and $700,000.
For the 26-county region, the median sales price was $600,000, up 3.6 percent.
Windermere Chief Economist Matthew Gardner said in a NWMLS news release that he expects prices will ease.
“Home sales increased month-over-month, but the rise in listings is causing prices to soften,” he said in the release. “I predict prices will drop further as we move into the fall, but reports that we are entering a ‘bear market’ are highly exaggerated. The market is simply reverting to its long-term average as it moves away from the artificial conditions caused by the pandemic.”
Gardner added, “Even though inventory in the King, Pierce and Snohomish counties region almost doubled from a year ago, the number of homes for sale is still 14 percent lower than in August of 2019.”
Looking at single-family homes only, King County prices settled at $899,999 last month, up 5.9 percent from a year ago. The median sales price on the Eastside was $1.35 million, up 3.9 percent.
In Snohomish County, the median sales price of a single-family home was $749,999, up 7.9 percent. The highest market was the southeast county, with a median of $1.1 million, up 10.5 percent increase from a year ago.
In the release, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, called the resilience of the local housing market clear “as a steady cadence of homes going under contract continues In the more affordable and mid-price ranges, demand remains strong as buyers look to get settled before fall.”