“The summer market is turning out to be one of the hottest on record,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Temperatures are rising across the Puget Sound and the housing market is keeping pace. We’re seeing an increase in inventory in the mid and upper price ranges and that is creating great selection and breathing room for some of the backlog of buyers, but it continues to be a seller’s market. Homes selling quickly, and with multiple offers, in areas near job centers are still the norm.”

On a monthly basis, this time of year we usually see more listings coming on the market than pending sales, but this year sales are keeping pace with new listings. 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. Sales activity remains at a frenzy pace in the more affordable and mid price ranges in each of the four-county areas of King, Snohomish, Pierce and Kitsap counties. In King County new listings were down compared to last year but we’re still seeing 78 percent of listings sell in the first 30 days.

It remains a seller’s market and homes are selling quickly in the Kirkland/Juanita area. There were 222 new listings, but 185 homes were placed under contract. Demand is severely cutting into the standing inventory of condos and residential homes on the market. The adage “if you list it, it will sell” is alive and well.

Overall inventory was up 10.9 percent compared to last month but down by nearly 17 percent from July 2016. Homes placed under contract were up 10 percent compared to a year ago and new listings were up 4.7 percent. More inventory means more selection but the numbers indicate that the new listings are being snapped up within the first 30 days, so buyers are digging into the standing inventory that’s been on the market for a while. If you’ve been looking for a home you may want to take a second look at those properties.

We’re definitely seeing a redefinition of what luxury means in this market. In the Seattle Metro area, 33 percent of pending home sales last month were more than $1 million. On the Eastside it’s even greater at 39 percent. With those statistics, it’s difficult not to draw the comparison between our market and San Francisco. Fortunately, like San Francisco, our housing market remains strong, with solid job growth, low unemployment and amazing interest rates leading the way.

Karen Lindsay, office leader of John L. Scott Eastside, said she’s definitely seeing more inventory coming on the market.

“The new listings are not sticking around if they are well priced and in good condition,” she said.

She said there’s good news for buyers.

“Buyers have a little more inventory to choose from and we are not seeing as much competition for the same listing,” Lindsay said.

There has never been a better time for sellers to list their homes and the increased inventory gives the seller-turned-buyer more options to choose from. However, sellers should not take short cuts in the marketing of their homes. The better the marketing plan, the better the offers.