Good news, buyers: The latest real estate report from the Northwest Multiple Listing Service shows that more balance is returning to the local market.
During April, housing inventory continued to grow, the rate of price increases slowed in many areas (sometimes even decreasing), and mortgage rates remained low. NWMLS statistics saw a 28.5% overall increase in active listings compared to April 2018, and there was a 5.8% gain in pending sales.
Of course, according to NWMLS director John Deely, principal managing broker at Coldwell Banker Bain that's not news to many buyers hitting the market. After such a long run as the hottest market in the country, many buyers are starting to get smarter about navigating buying a house.
"With an increased supply of listing inventory, low interest rates, and a positive economic climate, buyers are confident that this is a good time to buy," he reported, while noting a larger number of buyers are opting out of competing with other buyers.
"This year's buyers and sellers are approaching the market with more caution and a focus on an analytical, versus emotional approach that has ruled the last several years."
Increased inventory takes a lot of the responsibility for lightening the load on buyers: according to NWMLS, seven counties had double-digit growth in inventory from a year ago, led by King County, which reported a 78.5% growth, and Snohomish County (up nearly 57%).
That doesn't mean the market is wholly balanced, unfortunately. As NWMLS report notes, though inventory is up drastically in some areas, there's still just about 1.7 months of supply across the NWMLS's 23 county system.
"That is still slim compared to the National Association of Realtors' data showing a national average of 3.9 months of inventory," Gary O'Leyar, designated broker and owner at Berkshire Hathaway HomeServices Signature Properties, said. "Despite the increase in inventory over last year at this time in King County, we are seeing a very robust spring market laced with multiple offers in many instances."
Mike Grady, president and COO of Coldwell Banker Bain, put it thusly: "Buyers now have three-to-four weeks instead of three-to-four days to make a decision, so it's still quite a ways from a balanced market."
~Zosha Millman, Seattle PI