Demand keeping inventory in check as buyers compete over low inventory...

Brokers with the Northwest Multiple Listing Service experienced a surge in closed sales last month, reaching their highest volume since September 2022. Limited inventory led to intense competition among buyers, resulting in 6,842 closed sales, a decrease of about 24% compared to June 2022. The report indicated a supply of about six weeks, with some counties having less than two months of inventory.

The Northwest MLS report showed a significant decrease in active listings of single-family homes and condominiums compared to June 2022, down nearly 21%. Single-family home inventory declined about 22.4% year-over-year, while condo inventory decreased by 9.2%. Pending sales for June totaled 7,759, representing a decline from both the previous month and the previous year.

While the market favored sellers due to limited inventory, NWMLS members added 9,481 new listings in June, the highest total since August 2022. The demand for housing continued to drive up prices, with the median price for single-family homes in King County approaching the previous year's record of $998,888. Overall, the market remained balanced as sales kept pace with the new and existing inventory.

In conclusion, the real estate market in the Northwest MLS region experienced high competition among buyers due to limited inventory. Closed sales reached their highest volume since September 2022, despite a decrease compared to the previous year. The market favored sellers, with low supply and high demand leading to increased prices. While some counties reported gains in inventory and sales, the overall market remained balanced, with buyers and sellers adapting to the current conditions.

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