The Seattle real estate market may finally be in for a shift. We've had more new listings in King County this May than we've seen in a decade.
The media will catch up with this story as the monthly reports come out in the coming weeks, but this may be the leading edge indicator that we're in for a shift in Seattle real estate. Inventory has been seriously constricted for many years, with new listings not keeping up with buyer demand.
New Listings in King County, Month By Month, via NWMLS
May's 5,552 new King County listings constitute a 14.3 percent jump over the 4,857 homes listed in June of 2017 (May and June are usually the highest listing months of the year). These new listings provide a small measure of breathing room for home buyers who've been battling an extremely competitive market.
New Single Family Home (Residential) Listings in King County, Month By Month, via NWMLS
We haven't seen this many new listings hit the market in the Seattle area since May of 2008 when 5,497 new listings came on the market. To be clear, this new inventory in no way creates a balanced or even reasonable market inventory. The Seattle area continues to struggle with regulation and zoning issues that disincentivize new home construction within the metropolitan area.
New Condo Listings in King County, Month By Month, via NWMLS
Population growth, job growth, lack of transit infrastructure, and lack of dense housing near transit hubs and employment centers continue to be issues that cause many of the issues that the greater Seattle region is facing today. To address affordability issues, traffic, environmental concerns, and quality of life issues, state and local policymakers must make housing issues a priority in the short term.
This potential shift in the Seattle real estate market may be a step in the right direction for local inventory woes, but much more must be done to plan for the smart growth that the region needs to continue its economic success.
Statistics via Northwest MLS. This information was not authored or published by the NWMLS.
Sam DeBord | 206.658.3225 | sam (at) seattlehome.com
VP of Strategic Growth | Coldwell Banker Danforth
Past President | Seattle King County REALTORS