May Figures Are In and Balance Is the Opportunity

The May real estate market for single-family residential homes saw the highest level of available inventory since 2018, the second-highest level in ten years. This balanced market means buyers have more selection to choose from, and sellers need to stand out from the crowd. In King County, available inventory was up 15% year-over-year and up 35% in Snohomish County. Pending sales during that same time also increased, by 7% in King County and 12% in Snohomish County. This illustrates that buyers are in the market and enjoying the increase in their options.

A balanced market is not a bad thing! Sellers who have owned their homes for five or more years are sitting on a ton of equity and are benefiting from the historical price growth over the last decade. In King County, the median price is up 45% since 2020 and up 74% since 2016. In Snohomish County, the median price is up 55% since 2020 and up 105% since 2016.

The gap between available inventory and pending sales means buyers can take a little more time to make a big decision, and they could also gain some beneficial negotiations. Seller home preparation and accurate pricing are key! A listing’s condition, how it presents to the market with staging and updates, and keen pricing help position a listing to shine above all the others.

When this is done well, we are seeing listings sell quickly and sometimes with multiple offers and escalations. Staying close to the market data, past and real-time, is an artful science that is required of a broker to be successful in this environment. Having a strategy and some patience is also a requirement, as this market rewards intention over hope.

The culprit that shifted the market from a seller’s market to a balanced market is the combination of stubborn interest rates and the high cost of goods caused by the conflict in Iran. Many buyers are forging through these challenges and seizing the opportunity in the current balanced market. In fact, interest rates are actually lower now than they were a year ago. Rates combined with flat prices year-over-year have created an opportunity to jump in the market without huge price increases and higher payments.

If you are curious about how today’s market relates to your real estate goals, please reach out. It is always my goal to educate to empower, lead with the data, and connect to your “why” to help you make one of life’s biggest transitions. It’s an honor to have the privilege to serve in this capacity. Here’s to helping keep you informed, to equip you with the foundation to make sound financial decisions that align with your life.