After a chaotic summer that saw extremely low housing inventory, bidding wars and record-breaking jumps in median sale prices, Seattle's tight real estate market could be showing signs of cooling off for the fall season.
A new market report form the Northwest Multiple Listing Service (NWMLS) found that competition for homes in Seattle eased slightly in July, with brokers adding more listings and less homes going under contract. The agency saw slightly fewer pending sales in July than in June and May.
Some of that slowdown might be seasonal, while other experts took into account that the state lifted all COVID-19 restrictions on June 30, and more people could be traveling after spending so much time at home.
"Although the local market is intense, buyers can find some relief because there aren't as many offers to compete with compared to earlier this year," said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in a news release Thursday. "August historically is the last month of the year with elevated levels of new listings before they slowly taper down in the fall and decline more substantially over the winter."
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