MARKET SNAPSHOT - MAY 2024

Prices starting leveling off as inventory grew. Following seasonal norms, the spring market continues to be the busiest time of the year. Inventory did start to build as we saw homes make it through stated review dates. Nearly 2/3 of the existing inventory was on the market for over 14 days. Buyers were more picky in what homes they put offers on. Homes that were strategically listed (did the required market ready updates and well priced) were rewarded while homes needing work or not priced accordingly sat on the market.

The 2024 median pricing trends followed previous years trends.

Inventory started to build from the beginning of the year, but still lower than previous years. It will be interesting to watch inventory levels as we head into summer.

West Seattle mirrored Seattle Metro (all neighborhoods) in stabilizing pricing and an increase in inventory.