According to the latest NWMLS Market Update, the volume of new listings and total inventory has improved over the last year.
The median King County home price is $610,000—the lowest since March 2017 when it was $600,000. The median home is now $116,000 less than the peak price of $726,000 set last May. In the City of Seattle, the median home sold for $711,000, a year-over-year decrease of 6 percent, and down $119,000 since last spring. Meanwhile, prices on the Eastside dipped 3 percent over the past year to $910,000, and a small increase from December.
Although available inventory is still below the 4-to-6 month gauge of a balanced market it, it is slowly progressing. The NWMLS’ 23-county market area has increased to 2.40 months after dipping below 2 months the previous month.
In both King and Snohomish counties listing inventory more than doubled year-over-year. King County has increased to 2.34 months of inventory compared to 0.92 months; and Snohomish County to 2.00 months compared to 0.80 months a year ago. As for condo inventory, it has tripled countywide in the past year with the median price increasing less than 1 percent to $384,000.