The latest Northwest Multiple Listing Service report shows that June was the highest month for total new listing volume since May of 2008. According to Lennox Scott, chairman and CEO of John L. Scott Real Estate, on a seasonality basis, the market always sees more new listings come on in June.

“On a monthly basis, this time of year we see more listings coming on the market than pending sales, and June didn’t disappoint,” Scott said. “The increase in the number of new listings, coupled with fewer offers for each individual property, means more choices and a little breathing room for the backlog of buyers who have been waiting to buy a home. For sellers, the market remains at a frenzy level of new listings selling in the first 30 days, although slightly less intense for each property. With new listings coming on the market than pending sales, sellers need to be market-ready in order to get their home sold at the right price. But even with an increase in new listings, we are still experiencing a shortage of inventory in the four-county area of King, Snohomish, Pierce, and Kitsap counties.”

Every season has a story, and this summer it’s all about record sales. For the second month in a row, the market hit a record for monthly pending sales in the four-country area for residential and condos combined, Scott said. There were 9,042 pending sales in June, with the runner-up being 8,896 in June 2005. Strong job growth, price appreciation, and low interest rates continue to fuel the Puget Sound housing market. For 2017, there is another four strong months of new listings coming on the market, with the frenzy market continuing into the summer of 2018, he added.

“Another big story is that residential median home price in King County hit $653,000 in June, up 13.86 percent from last year,” Scott said.

Condos also increased, from $350,000 in June 2016 to $385,000 last month, a 10 percent jump, but, like total residential inventory (down 18.10 percent compared to last year), overall condo inventory is down 36.10 percent from June 2016. The decrease in total residential inventory and price appreciation has likely created this condo inventory shortage, he said.

“While we saw record pending sales in the four-county area, the sales increase was highest in Pierce County where we saw an increase over last year’s pendings by 4.26 percent,” Scott said

King County was up slightly at 0.89 percent, Snohomish up by 3.27 percent and Kitsap slightly at 0.85 percent. The luxury market close to the job centers is “red hot” for homes under $3 million, with multiple offers on many new listings as they come on the market, he noted.

Karen Lindsay, office manager for Bellevue-Issaquah John L. Scott, said: “We’re seeing a slight increase in listings and are so grateful for it. It feels as if the spring market, much delayed, is finally coming on. Our buyer demand stays steady, though we’ve had more sale fails due to inspections and other issues, so it seems buyers are unwilling to pay over top dollar for a home only to have it have issues.”

Lindsay added that homes in very desirable neighborhoods that are in turn-key condition receive multiple offers. And buyers are still offering great incentives to the seller and waiving many contingencies to be the winning offer.

“We do have some buyers now willing to move out a little further in order to find a more affordable home to buy,” she said.