Weekly Market Update: April 20th through April 26th

This Week’s Stats

New Listings: 216 ↓ (last week: 245)

Pending Sales: 223 ↑ (last week: 214)

Closed Sales: 136 ↑ (last week: 108)

Price Reductions: 142 ↓ (last week: 164)

Weekly Trend Overview

The local housing market has settled into an incredibly productive rhythm following the massive inventory surge we saw last week. While the number of new listings dipped slightly to 216, buyer demand actually climbed higher with 223 homes going under contract. This net positive absorption where we are selling more homes than we are listing indicates that the pool of active buyers in South Snohomish and North King County is deep and ready to move.

We also saw a healthy jump in closed sales to 136, showing that the high volume activity from late March is now crossing the finish line. Perhaps the most encouraging sign for the health of the market is the decrease in price reductions to 142. This suggests that after the sudden influx of homes last week, sellers are beginning to align their expectations more accurately with what buyers are willing to pay in areas like Edmonds, Shoreline, and Lynnwood.

Overall, the current environment is one of stable velocity. We are no longer seeing the frantic spikes of early spring, but rather a consistent and high volume exchange. Demand is meeting supply almost perfectly, creating a functional market for those looking to transition from one home to the next. In communities like Bothell and Mill Creek, properties that are move in ready are still the primary drivers of this strong pending activity.

What This Means for You

Buyers

With pending sales outpacing new listings this week, the inventory relief from last week was short lived. Competition remains steady, but the drop in price reductions suggests that homes are being priced more realistically from the start. You should still expect a fast paced environment, especially for well maintained homes, but the market is proving to be very rational right now.

Sellers

The fact that 223 homes went pending this week is a huge green light for anyone thinking of listing. However, with 142 price reductions still occurring, it is clear that buyers are comparing your home against a significant amount of competition. Success this week came to those who priced their homes to reflect the current market value rather than a dream price.

If you would like to know how your specific neighborhood is trending or if you are curious about your home’s current market value, I am always here to help you make sense of the numbers.