A surprise surge in home inventory means some good news for house hunters in King County.
The May numbers, supplied by the Northwest Multiple Listing Service this month, show an increase that’s late in the home selling season.
“Big jump. 36 percent jump year over year in active inventory and so it’s almost 1,000 new units came online in King County,” said Matthew Gardner, Windermere Real Estate Chief Economist. “One jump in a month is a good thing. I want to see it continue.”
It’s better news for buyers who’ve seen 44 months of negative inventory numbers. May snapped that streak.
“For the buyers, more inventory is good,” said Rebecca Carlson, a Coldwell Banker Bain broker.
Carlson noted as inventory was going up last month, she said many buyers took a break.
“They’re feeling frustrated of multiple offers, having to waive everything, and not feeling like you have much control as a buyer,” said Carlson. “Depending on the area and the neighborhood, we’re just seeing fewer buyers looking.”
In King County, there were 1.12 months of inventory left on the market. That’s how long it would take to sell every home if no more homes were put up for sale. A balanced market is 3-6 months.