"Active listings reached 2,105 in April, up 20.3% year over year, while new listings actually fell 5.9% to just 1,180. Homes weren't selling fast enough to clear the market."
"15.3% of listings took a price cut - up 1.7 percentage points from last April - while nationally, price-reduction activity actually fell. For sellers today, testing the market high is a risky strategy."
"The typical Seattle home sat on the market for 36 days in April - a 20% jump from 30 days the year before. If you're buying now, slower market time means more room to negotiate."
Seattle's housing market is experiencing a cooling trend, with more homes remaining unsold and a rise in price cuts. Active listings increased by 20.3% year over year, while new listings fell by 5.9%. The median list price remained stable at $749,975, but 15.3% of listings saw price reductions. Homes are taking longer to sell, averaging 36 days on the market, which provides buyers with more negotiating power. Overall, the market is shifting, rewarding informed buyers and sellers.
Read at SFGATE
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