Are sellers cutting prices in Seattle?

Yes, a little over a fifth of all homes for sale in the Seattle area recently had their prices cut. This shows that many sellers are adjusting their expectations to meet what buyers are willing to pay.

There are signs that sellers in Seattle are adjusting their prices. About one in five homes on the market recently had a price reduction. This means nearly a quarter of sellers lowered their asking price. Overall, homes are selling for slightly less per square foot than they were a year ago.Prices for homes that are currently listed are down a little compared to last year. While the median listing price is up a tiny bit from last month, it's still 2.0% lower than it was a year ago. The average listing price is also down by 2.3% over the past year.There are more homes for sale now than there were a year ago. Active listings have grown by over 20%, meaning buyers have more choices. Even with more homes coming on the market, the number of pending sales is down compared to last year.Homes are also staying on the market a little longer. The typical home now sits for 37 days, which is a bit longer than last year. This can give buyers more time to make decisions.As a buyer, you have more homes to choose from and a good chance to find a seller willing to negotiate on price.