More Homes for Sale, But Buyers Haven't Disappeared
If you've been following the real estate market, you've probably noticed more "For Sale" signs popping up around town. That's because inventory continues to grow across the Puget Sound region, giving buyers more options than they've had in years.
At the end of May, there were over 21,000 homes on the market across Washington, the highest inventory level we've seen so far this year. Buyers had nearly 2,800 more homes to choose from than they did just one month earlier.
You might expect that kind of inventory growth to cause home prices to fall, but that's not what's happening.
The median home price remained at $650,000 for the second month in a row and was down less than 1% compared to this time last year. In other words, while buyers have more choices, home values have remained relatively stable.
What I'm Seeing Locally
One thing I've been noticing more and more is that not all homes are experiencing the market the same way.
Some homes are receiving multiple offers in the first week, while others are sitting on the market longer and chasing buyers with price reductions.
A good example is our Green Lake listing, which attracted multiple offers despite the increase in available inventory. Meanwhile, we've seen other homes nearby take longer to gain traction.
That's why pricing and positioning have become so important. Buyers are still out there, but they're being much more selective about which homes they pursue.
What This Means for Buyers
For buyers, this is creating opportunities that simply didn't exist a few years ago.
There are more homes to choose from, fewer situations where buyers feel pressured to make snap decisions, and in some cases more room to negotiate terms or seller concessions.
That doesn't mean every home is a bargain. Well-priced homes in desirable neighborhoods are still attracting strong interest. The difference is that buyers have more options and can be more thoughtful about their decisions.
What This Means for Sellers
For sellers, strategy matters more than ever.
The days of simply putting a sign in the yard and expecting multiple offers are largely behind us. Buyers are comparing more homes, watching price reductions, and paying close attention to value.
Homes that are priced correctly, show well, and are marketed effectively are still selling successfully. Homes that miss the mark on pricing often end up sitting longer than expected.
The first week on the market remains incredibly important. That's when most serious buyers are paying attention and when you'll often see the strongest activity.
The Mortgage Rate Factor
Mortgage rates continue to influence the market and remain one of the biggest challenges for both buyers and sellers.
While rates remain in the mid-6% range, buyers haven't disappeared. Pending sales increased from April, and showing activity remained strong throughout May.
What we're seeing isn't a lack of buyers. It's a market where buyers are being more intentional about the homes they choose.
My Take
My biggest takeaway right now is that we're no longer seeing one market. We're seeing many micro-markets.
Some neighborhoods and price points remain highly competitive, while others are experiencing longer market times and more price adjustments.
For buyers, the increased inventory is creating more opportunities and flexibility.
For sellers, success depends less on timing the market and more on having the right pricing, presentation, and marketing strategy from day one.
As always, real estate is local. The headlines don't always tell the whole story, and what is happening in one neighborhood can be very different from what's happening just a few miles away. If you're curious about what's happening in your area or wondering how these trends might affect your plans, I'd be happy to help.
