Puget Sound Housing Market Saw More Listings, Fewer Sales In July

KIRKLAND, WA — Home and condo prices continued to rise in July, even as sales slowed and active listings soared, according to Puget Sound realtors. The Kirkland-based Northwest Multiple Listing Service released its monthly real estate analysis this week, finding buyers and sellers alike need to "recalibrate" as the market continues to shift.

According to the NWMLS, available listings were double compared to last July and up nearly 15 percent from the month before. Pending sales, meanwhile, were down 24 percent from the same time last year, while closed sales declined 30 percent.

Overall, prices were up 6.1 percent compared to last July across the 26 counties included in the report, while changing less dramatically in King County (2.7 percent) and surging higher in Pierce (12.7 percent) and Snohomish (9.3 percent) counties. Homes continue to sell at or above their asking price in at least half of the counties, including the four in Puget Sound. Only Ferry and Island counties saw prices drop over the year.

Still, realtors said, the market is starting to tilt in favor of buyers.

"After experiencing multiple offers, shrinking inventory, or not being able to include inspection or financing contingencies with their offers, buyers now have choices," said Dean Rebhuhn, owner of Village Homes and Properties in Woodinville.

According to the report, King County's housing inventory has doubled since May, reaching nearly two months of stock by the end of July. While conditions have improved for buyers, realtors still consider anything less than four months of inventory to be a "sellers' market." The last time supply was above two months was in January 2019, according to NWMLS data.

"We are coming off the fevered pitch of a market that had tremendous velocity over the last few years," said John Deely, executive vice president at Coldwell Banker Bain. "With listings starting to build again we are seeing a bit of a natural slowdown, yet still very much a sellers' market."

Prices, though growing slower, have yet to see a meaningful decline, and slight decreases are typical during the summer months.

Here are a few takeaways from July 2021 - 2022:

King County

• Median price for closed sales: $810,000 (+2.7%)
• Total closed sales: 2,535 (-37%)
• Total pending sales: 2,705 (-30%)

Pierce County

• Median price for closed sales: $565,000 (+9.3%)
• Total closed sales: 1,261 (-26.5%)
• Total pending sales: 1,426 (-24%)