Should I wait to buy a home in Seattle?

There are more homes to choose from right now in Seattle, and prices have softened a bit over the past year. This means you have a better selection and might not face as much competition as before. You might not need to wait if you find a home you like. You have more negotiating power now. The median price for a home is currently $749,970. This is pretty much the same as the prior month, but it's 2.4% less than it was this time last year. The average listing price also dropped 3.1% year-over-year to $1,078,896, and the median price per square foot is down 2.5% to $427. There are 13,078 homes on the market, which is a big jump—28.5% more than a year ago. However, fewer new homes are coming up for sale, down 7.4% from last year, with 4,676 new listings in the most recent month. Homes are staying on the market longer, with a median of 51 days before going under contract. This is 9.7% longer than a year ago. Also, one-quarter (25.0%) of homes have had their prices reduced, which is up 4.4% compared to this time last year. Fewer homes are going under contract compared to a year ago, with 3,937 pending listings and a pending ratio of 0.30, which is down 14.0% year-over-year. This suggests buyers aren't snatching up homes as quickly. With more choices and slightly lower prices than a year ago, you have a stronger position to find a home that fits your needs and potentially negotiate a good deal.

The decision to buy a home depends on your personal situation, but looking at the current market, prices have dipped slightly. The median listing price is $775,000, which is down 1.1% from the previous month and 1.3% compared to last year. This small decrease might make it a more favorable time to buy than a few months ago.There are also more homes available now. The number of active listings has jumped by 21.4% over the past year, reaching 12,278 homes. This means you have more options to choose from as a buyer.Homes are taking longer to sell, too. The median time a home stays on the market is 44 days, which is 11.4% longer than last year. Plus, 23% of homes have had their prices reduced, up 1.7% from last year, suggesting sellers might be more open to negotiation.However, the number of pending listings, which are homes with accepted offers, is 4,292, and the pending ratio is 0.35. This ratio is down 10.8% compared to last year, indicating that fewer homes are going under contract relative to the total number of listings.If you are considering buying, the current market shows more inventory and slight price reductions, along with homes taking longer to sell. This could give you more power as a buyer to find a home that fits your needs and potentially negotiate a better price.