Are sellers cutting prices in Seattle?

This May in Seattle, close to one out of every five homes for sale had a price drop. That means 19.0% of homes had their prices cut. This is a slight increase from last year. More sellers are lowering their prices now compared to last year. Last year, 2.7% fewer homes saw price reductions. Even with these price cuts, the typical home price is still pretty high. The median listing price is $780,000, which is slightly up from last month but down a bit from last year. There are also more homes on the market, with active listings up 21.0% from last year. This gives buyers more choices, which might be why some sellers are cutting prices. Homes are also staying on the market longer. The typical home now takes 36 days to sell, which is 20.0% more time than last year. This longer time on market can also push sellers to reduce their asking prices. As a seller, be aware that many homes are seeing price reductions. Pricing your home competitively from the start might help it stand out.