Kirkland inventory, pending sales, and home prices have all increased during the month of June compared to a year ago, according to the latest report from Northwest Multiple Listing Service. The same report, which covers 23 counties in Washington state, shows year-over-year drops area-wide in both the volume of new listings and closed sales, giving buyers some relief this summer.
Clearly we now see that the market is moderating - that is we're definitely moving from a 'hyper-market' to one where a correction is underway compared to last year. While it's the best time to buy that we've seen in some time, and buyers are getting some relief, it is still a seller's market. Some buyers are experiencing multiple offer situations, or considering inspection waivers, or are even forced to consider markets outside King County for affordability.
Northwest MLS figures for King County show there were 5,931 active listings at the end June, the highest for that month since 2012 when the selection totaled 6,500 listings. Every summer, we see the highest level of new listings and homes going under contract. After the surge of new listings in May, areas close to the job centers saw listings return to the normal seasonal pattern in June.
Market savvy buyers are taking advantage of premium location and value pricing due to increased inventory. Price reductions are more commonplace as sellers align their expectations with today's market, but buyers are methodical in their search, and are taking more time to jump into an offer. There have also been fewer multiple offers and fewer all-cash buyers in the mix when a listing has several buyers lined up to compete.
Looking to the months ahead, it is anticipated that there will be strong sales activity close to job centers, while the surrounding area will experience intense, "frenzy-level sales activity" in the more affordable to mid-price ranges.
Read the full report HERE