How is the Seattle housing market doing?

The Seattle-Tacoma-Bellevue housing market is seeing more homes available, with prices slightly lower compared to last year. Homes are also taking a bit longer to sell. The median listing price is currently $749,970. This price hasn't changed from the previous month but is down 2.4% from this time last year. The average listing price is $1,078,896, also down 3.1% year-over-year, and the median price per square foot is $427, a 2.5% decrease from last year. There are 13,078 active listings right now, which is a significant increase of 28.5% compared to the same time last year. However, new listings have decreased by 7.4% over the past year, with 4,676 homes recently put on the market. Homes are staying on the market for a median of 51 days before going under contract. This is nearly 10% longer than last year, suggesting buyers have more time to make decisions. Also, a quarter of all listings, 25.0%, have had their prices reduced, an increase of 4.4% from last year, indicating some flexibility from sellers. For buyers, there are more choices and slightly lower prices than last year, giving you more negotiation power. Sellers might find it takes longer to sell their home, and they may need to be more flexible on price.