Numbers from the Northwest Multiple Listing are showing a total of 1,531 active listings on the market at the end of September. Compared to the end of the 2nd quarter, months of inventory on the market has increased from 3.5 to 4.2 months. While median prices continue to exceed the same time last year, the market has definitely glided to a slower pace with longer days on market than 2006.
Overall in Seattle for the month of September, we are seeing a 21.08% drop in pending sales versus the same time last year. We are most likely going to continue to see slower sales throughout the fourth quarter with the slower season, existing high inventory and buyers biding their time and hoping for prices to drop.
Even though pending sales have dropped, most sellers are refusing to slash their prices by more than a few percent resulting in median prices for the month of September in Seattle still showing a positive growth of 7.57% compared to a year ago.
Check out the lively discussion on my recent post discussing the buyer and seller standoff here.