Are sellers cutting prices in Seattle?

It looks like sellers in the Seattle area are indeed cutting prices. The median listing price has dropped slightly both from the previous month and compared to last year. Right now, about 23% of all homes for sale have had their prices lowered. This percentage is also a bit higher than it was at this time last year. There are more homes available for sale, too. The number of active listings has jumped by over 21% compared to last year. Even with more new homes coming onto the market, the overall supply is growing. Homes are also taking longer to sell. The typical home is on the market for 44 days, which is almost 11% longer than last year. This suggests that buyers have more time to look around and are not rushing into decisions. If you're a buyer, these trends suggest a good opportunity to find a home with a price reduction. Sellers might be more open to negotiations given the current market conditions.

It looks like sellers in the Seattle area are indeed cutting prices. The median listing price has dropped slightly both from last month and over the past year. Right now, about 23% of homes on the market have had their prices reduced. This share is slightly higher than it was at this time last year, by 1.7%. Compared to last year, the median listing price is down 1.3%, now at $775,000. The average listing price has also seen a bigger dip, down 2.5% to $1,115,411. There are more homes for sale, too. The number of active listings has jumped by 21.4% over the past year, reaching 12,278 homes. This means buyers have more choices, which can lead to more price reductions. If you're thinking of buying, these price cuts and more options could mean it's a good time to find a home that fits your budget.