Seattle market softening? Indicators are almost all there....

[Jack B.]

Rents went down this year. Vacancy is up. New supply is coming on the market and there is less competition. Interest rates have risen slowly but surely.

Most of the indicators of at least a small correction are there. I don't see the indicator of a big correction yet, but the data I've read recently shows the above indicators, which are all signs of a correction looming, even if it is small.

Thoughts?

[Eva Croasdale]

As a Seattle Real Estate Agent, I feel the market shift in a very visceral way.  I’m absolutely feeling a cool down this last month or so.  May brought a record-breaking amount of inventory (over 14,000 homes on market).  The most since 2008.  Then June topped May.  My last 3 out of 4 transactions had no bidding wars. This would have been unheard of a few months earlier.  For the first time in years, I’m seeing a lot of good homes sitting on the market for 20-30 days.  I find it to be a combination of Seller over-confidence and Buyer absorption from the inventory influx.  Not sure how long this trend will last, but if you’ve experienced buyer fatigue, this is a good time to get back out there!  Feel free to message me if you’d like to see anything. Lastly, here’s a Seattle Times article that just came out about the shift:

https://www.seattletimes.com/business/real-estate/...