Good news Seattle! It looks like the tides have officially turned.
We now have 5 weeks of data showing a large increase in the number of available homes. If we were seeing a huge increase in the number of new listings, but NOT an increase in the total number of available homes for sale,then I would be signing a different tune. We have two new market behavior shifts:
- Lots more homes and condos coming on the market for sale
- Buyers not snatching up all the new inventory within a week of it coming on the market
These two combined behaviors indicate that we are now in the early stages of a stabilizing market. And guess what?!?!? That’s actually good news. The crazy “steroid ” market of the last few years was not sustainable, and frankly not that healthy of a market. We still have an incredibly high median sales price. This newly found increased number of homes and condos for sale should help us all settle into a much more sustainable and historically common market.