Puget Sound housing inventory on the rebound
by Patrick Regan
June 07, 2022
Housing inventory is improving across the Northwest MLS footprint, and active listings in May were the highest in 18 months.
The Northwest MLS May activity report showed evidence of a return to the pre-COVID real estate market, before the housing frenzy resulted in soaring prices and minuscule inventory.
At the end of May, there were 8,798 active listings in the Northwest MLS, 59% more than a year ago and the most since September 2020. Snohomish County more than doubled its active listings with 1,182, compared to just 500 a year ago.
Despite those improvements, inventory remains historically tight, with each of the four counties in the Puget Sound region at an estimated 0.85 months of inventory or less. A balanced market typically has about four to six months of inventory.
“Unsold inventory is ticking upward locally as more new listings hit the market. This gives buyers an increased selection of desirable properties to choose from as they hunt for their new home,” said J. Lennox Scott, the chairman and CEO of John L. Scott Real Estate. Read More
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