Puget Sound home buyers ‘finally got some good news’ amid rising prices

May 6, 2021, 11:39 AM | Updated: 12:21 pm
single family zoning, Puget Sound housing prices...
Homes in Seattle's Capitol Hill neighborhood. (Seattle Municipal Archives)
(Seattle Municipal Archives)

The latest data indicates that housing prices in the Puget Sound region are continuing to grow rapidly. Despite that, Windermere Chief Economist Matthew Gardner also believes that there’s a bit of good news for buyers as well.

How pandemic is leaving lasting footprint on Puget Sound housing market

The median price of a residential home in King County grew by 16% year-over-year as of April, with similar increases in Snohomish (28%) and Pierce (23%) counties. That has options scarce for the time being, with the Northwest Multiple Listing Service (NWMLS) estimating that it will likely take between four to six months for the Puget Sound region to shift to “a more balanced market.”

The result is that buyers are now in a situation where homes are flying off the market at record rates.

“The time between coming on the market and going off the market is the shortest I’ve seen in the last 40 years,” RE/Max managing broker Dick Beeson said in the NWMLS’s latest market snapshot. “The housing bubble more than a dozen years ago didn’t look like this. There was inventory. There were choices for buyers. Now they comb the internet daily, hoping they’ll get the chance to compete with other battle-weary buyers for the one new listing that appears in their price range near where they really want to live.”

Where things did improve for first-time buyers, though, can be seen in a rise in total listings in the region, increasing 35.2% between March and April of this year.

“There is finally some good news for buyers,” Gardner said in the NWMLS’s update.

Housing market inventory at 20-year low for Puget Sound region

Gardner dove further into the numbers with KIRO Radio’s Dave Ross, noting that “with more supply, some of the would-be home buyers out there that are suffering from buyer fatigue, they might get some more choices.”

While that hasn’t yet led to a decrease in sale prices, he also points out that list prices are actually trending downward.

“And that tells me one thing,” he described. “If it continues, then we’re going to see sales prices start to soften somewhat, and get away from those 15, 20, 25% increases that we saw year-over-year in April.”

Listen to Seattle’s Morning News weekday mornings from 5 – 9 a.m. on KIRO Radio, 97.3 FM. Subscribe to the podcast here.

Dave Ross on KIRO Newsradio 97.3 FM
  • listen to dave rossTune in to KIRO Newsradio weekdays at 5am for Dave Ross on Seattle's Morning News.

Dave's Commentary

Dave Ross

Dave Ross

Ross: Chinese balloon shot down was ripe for counter-surveillance

What I can say is that if I were in charge of monitoring China, I’d be tracking every Chinese balloon from the moment it broke 1000 feet
1 day ago
Michael Simeona

Watch Dave Ross try to outsmart his new AI friend ChatGPT

If you've listened to Dave Ross these past few months, you know his fascination with the new AI tool called ChatGPT.
2 days ago
Dave Ross

Ross: Was it a Chinese spy balloon, or luxury space travel prototype?

The defense department says it has been tracking a huge Chinese balloon over Montana
4 days ago
Dave Ross

Ross: ‘Police used as substitute for properly funding social services’

The reason we keep seeing abuses like the fatal beating of Tyre Nichols in Memphis. It’s rooted in American culture.
5 days ago
Dave Ross

Ross: More millennials need their parents help, but for how much longer

Dave was shocked to hear about the latest statistics from Money.com on the number of millennials being subsidized by their parents.
6 days ago
Dave Ross

Ross: Morning people have the ideal lifestyle, it’s just science!

When I took this morning job, there wasn’t much competition. It was basically, "we need someone who can be here at 4:45 a.m.”
7 days ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Puget Sound home buyers ‘finally got some good news’ amid rising prices