May brought a continued surge in housing inventory across the Puget Sound, with active listings reaching their highest levels since 2018. While buyer activity showed some seasonal momentum, it continued to lag behind the influx of new listings, suggesting that many buyers are staying on the sidelines as interest rates hover near 7%. Still, early signs of price stabilization and greater selection suggest new opportunities could be emerging. Whether the market continues this trajectory remains an open question in the months ahead.
Last month, the Eastside saw a year-over-year drop of 4% in the median residential sold price, settling at $1,633,500. Inventory more than doubled, rising 103%, but demand didn’t keep pace. Pending sales dipped 4%, and closed sales fell 18%. Still, homes moved quickly – 88% sold within 30 days or less. The area’s median condo price declined 3% to $728,400, and active listings jumped 129%.
King County home prices dipped 1% compared to last May, falling to a median of $989,000. Active listings surged 58%, continuing several months of strong inventory growth. But buyers remained cautious – pending sales declined 1%, and closed sales fell 14%. In King County’s condo market, the median price dropped 4% to $569,900, while active condo listings rose 57%.
May’s median sold price for a single-family home in Seattle rose 5% year over year to $1,010,650. Active listings climbed 44%, reflecting increased seller activity. Pending residential sales increased 8%, but closed sales dropped 19%, underscoring buyer hesitancy. For the city’s condos, the median price fell 4% to $573,250, while active listings increased 37%.
Snohomish County was the only region to post gains in both pending and closed residential sales last month, each up 1% year over year. The median residential sold price inched up 1% to $833,000. Active listings rose 54%, offering buyers more choices in a relatively affordable market – possibly a factor in the modest increase in sales activity. In the county’s condo segment, the median price fell 12% to $489,975, while active listings soared 118%.
As we head into summer, the gap between rising inventory and measured buyer demand will be a key trend to watch. Whether increased supply leads to further price softening may depend on how buyers respond to ongoing economic pressures. In a fast-moving market like this, having the right guidance is essential. Connect with a Windermere advisor today for expert insights tailored to your real estate goals.
