In Seattle, the median home price has finally dropped below $1 million, landing at $954,500. With increased inventory, buyers and sellers have to strike a new balance. Connect with me to see what this shift means for you.
The summer continues to heat up, and patient buyers are being rewarded as market shifts create a new dynamic between buyers and sellers. After years of intense competition between buyers for the most desirable listings, increasing inventory and slower price appreciation across the region has caused a pivot, with sellers competing more strongly against each other than they have in previous years.
While this may cause uncertainty in some sellers, the rise in active inventory is an indication that we are returning to a more balanced housing market as a whole. Sellers can still be very successful with their home sales, as long as they price their homes accurately and understand that they may not see the exorbitant offers that were typical a few months ago. This is a pragmatic approach, and we should see some relief in the “buyer gridlock” that had kept homeowners in place who wanted to sell and move, but simply had no place to go.
Even with the increased inventory across the Puget Sound region, we may start 2023 with low supply, high demand, and multiple offer situations.