A new hope is arising in the Northwest as June added the most new listings in one month for any time in nearly a decade.
The report, which covers 23 counties in and around Washington state, shows the Northwest saw an increase of 13,658 new listings in June, the highest total for any single month since May 2008, according to the latest report from Northwest Multiple Listing Service.
“This time of year, we see more new listings coming on the market than pending sales, and June didn’t disappoint,” said J. Lennox Scott, John L. Scott chairman and CEO.
The pace of sales slowed in June, and brokers in the area explained homebuyers will see relief as less competition floods the markets during the summer months.
Northwest MLS Director George Moorhead explained while the core areas in the Northwest are still hot, but the outlying areas saw a more noticeable drop as they saw the typical summer slowdown.
The number of new listings increased about 7%, however the total amount of inventory lagged 14% from last year. The total amount of inventory dropped from 16,838 listings last year to 14,482 listings in June.
The report showed there was just 1.4 months of housing inventory in the Northwest area. The tightest inventory came in at 0.84 months in King County, which encompasses Seattle and the surrounding area. In general, four to six months is considered a balanced market.
“Unlike a normal market for buyers, today’s market is not about the current inventory, rather it’s about inventory that is coming on the market,” MLS Director Frank Wilson said. “The real story is the increased number of homes that will become available next month, and the month after.”