How is the Seattle housing market doing?

The Seattle housing market is seeing some price dips and more homes for sale. However, homes are sitting on the market longer and fewer are going under contract. The typical home in Seattle is listed at $780,000. While this is a small increase of 0.5% from last month, it is 2.4% lower than a year ago. This means prices have come down a bit over the past year. There are more homes to choose from now, with 10,456 active listings. This is 21% more homes than there were at this time last year. However, fewer new homes are coming on the market, down 8.4% from last year. Homes are also taking longer to sell. The typical home stays on the market for 36 days, which is 20% longer than last year. About 19% of homes have also lowered their asking price, a slight increase of 2.7% from last year. Right now, fewer homes are going under contract, with the pending ratio down 11% from last year. This tells us buyers might be taking their time or hesitating. If you are looking to buy, you might find more options and less competition. As a seller, you might need to be patient and willing to adjust your price.