Bird’s eye view of key cities in and around Seattle in Puget Sound area (that I usually like to track)
Once again Buyer in Jun month get upper hand as lot more listings are available and classic balancing of supply vs demand is on display.
Increased supply has definitely softened the prices and crazy bidding war days seem to be behind us, this happing in Jun is unusual as this month is still considered HOT month for real estate market.
How this translates for Buyers?
- They get to pick properties, as properties now sitting in market longer
- Specially in hotter areas (Bellevue, Redmond, Issaquah, Seattle, etc.) Buyers don’t have to take bigger risk of waiving all contingencies
- Now, Buyers don’t have to risk huge sum of money as non-refundable deposits
However, this by no means indicates any kind of crash!! In this region property prices have been growing in double digit year-after-year for almost last 5 years now and it had reached a tipping point, this softening of price was waiting to happen with rising interest rates!
One question everyone is asking – my clients, drawing room conversations, anyone I meet on road 😉
- Is REAL ESTATE market CRASHING?
- Why MARKET seems to be SLOWING down?
And various version (you get the drift)
I like to look at statistics, let’s look at May’18 Stats – notice big bump in New Listing as well as total on-market inventory available for Buyers. Clearly, making it favorable for Buyers 🙂