Seattle homebuyers – after a couple years of VERY low inventory, we are finally starting to see an increase in homes listed. A sigh of relief for home shoppers, and home shoppers who have made numerous offers with no success.

BIG NEWS: Member-brokers of Northwest Multiple Listing Service added 14,524 new listings during May, the first time that volume topped 14,000 since May 2008.

Total active listings snapped a streak of 44 months of negative numbers during May when the year-over-year comparison showed an increase of 3.8 percent. That uptick marked the first time members of Northwest Multiple Listing Service reported again for that statistic since August 2014.

King County has more than a month’s supply for the first time since September 2017, and only the third time since October 2016. For the MLS area overall, there is 1.44 months of supply. Only four counties of the 23 counties served by Northwest MLS reported having more than four months of supply, the minimum level most industry experts use as a gauge of a balanced market.

With increased listings, it correlates with homes also staying on the market longer. The average home is now on the market just under 1 month.

What does that mean for you?! It means that with more inventory there is less competition. A great thing for home shoppers and getting into your DREAM home!

[source: NWMLS, June 2018 publication]